American households with higher incomes, up to $250,000, would also see some of their debt written off as well. It would create a one-time cost of $640 billion to the federal government and ultimately be paid for by an "Ultra-Millionaire Tax", an annual 2% tax on the estimated 75,000 families with $50 million or more in wealth.
"It's how the daughter of a janitor in a small town in Oklahoma got to become a teacher, a law school professor, a U.S. Senator, and eventually, a candidate for President of the United States", she wrote.
She says her proposal would benefit 95% of the 45 million Americans carrying student debt and wipe it out for 75% of them.
"The enormous student debt burden weighing down our economy isn't the result of laziness or irresponsibility", Warren wrote.
From a student perspective, he's unsure how successful the plan would be. "It helps millions of families and removes a weight that's holding back our economy".
The Massachusetts lawmaker also wants to make college tuition free for all Americans, with the opportunity to attend either a two- or four-year course at a public institution at no cost. Amy Klobuchar and South Bend, Indiana, Mayor Pete Buttigieg - have stopped short of embracing a free-college platform.
The proposal would spend $1.25 trillion over 10 years to forgive up to $50,000 in student debt for families earning under $100,000 a year, make public college tuition-free and spend $100 billion on grants to help college students with non-tuition expenses.
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With the 2020 presidential field nearing 20 Democrats, candidates have each been looking for ways to distinguish themselves. Warren, despite her higher national profile, has not been in the top tier in most polls and in recent fundraising reports.
The policy would also help close racial wealth gaps in the USA, according to an estimate provided to the campaign by Arizona State University assistant professor Raphael Charron-Chenier and Brandeis University law professor Thomas Shapiro. After paying for college debt and tuition, she would have almost $1 trillion left over for other initiatives.
A campaign aide said Warren's impeachment pronouncement did not signal a shift in her focus on "big policy" initiatives that have been the hallmark of her campaign. She has offered detailed proposals on subjects such as child care, anti-corruption and breaking up big technology companies - all created to address what she sees as inequities in the US economic and political systems.
Warren proposes canceling $50,000 in student loan debt for every person with household income under $100,000, and phases out by $1 for every $3 of cancelation for incomes between $100,000 and $250,000. She argues the policy should be universal, not targeted just on lower-income people, in the same spirit in which free public education is now available to all through high school.
She has also proposed investing an additional $100 billion in Pell Grants over the next 10 years and expanding which students have access to these funds. Elizabeth Warren (D- Mass.) proposed to eliminate existing loan debt for millions of Americans.
Warren also takes aim at for-profit colleges, which have been criticized for saddling low-income students and people of color with debt while providing degrees of dubious career value.