(The Hill) Sen. Elizabeth Warren (D-Mass.) on Thursday announced a bill that would forgive billions of dollars in outstanding student loans and wipe out almost all student debt held in the U.S.

Warren’s bill would forgive up to $50,000 in student loan debt for anyone with a total household income below $100,000. Debtors with between $100,000 and $250,000 in total household income would have less of their debt eliminated the closer they are to the upper limit on eligibility for forgiveness.

“The student debt crisis is real and it’s crushing millions of people — especially people of color,” Warren said in a statement. “It’s time to decide: Are we going to be a country that only helps the rich and powerful get richer and more powerful, or are we going to be a country that invests in its future?”

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