Donald Trump Donald John TrumpBubba Wallace to be driver of Michael Jordan, Denny Hamlin NASCAR team Graham: GOP will confirm Trump's Supreme Court nominee before the election Southwest Airlines, unions call for six-month extension of government aid MORE's plan to cut back the Department of Education would cost nearly a half-million teachers their jobs, a liberal think tank says.

A Center for American Progress (CAP) report issued Friday found that more than 490,000 educators — about 14 percent of all public school teachers — could have their positions eliminated, and students could lose access to $1.3 trillion in loans.

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“A Trump presidency would devastate state and district education budgets and exacerbate inequities between the working class and the wealthy elite,” said Will Ragland, campaign director at the Center for American Progress Action Fund.

The Republican nominee has said he will pursue extensive cutbacks at the Education Department.

The plan could affect more than 8 million students around the country.

"Trump’s plan to sacrifice resources for America’s students, particularly the most vulnerable, to pay for tax cuts that would unduly benefit the country’s top earners is as shortsighted as it is callous,” Ragland added.

The Center for American Progress was founded by John Podesta, who is now Democratic presidential nominee Hillary Clinton Hillary Diane Rodham ClintonJoe Biden looks to expand election battleground into Trump country Biden leads Trump by 12 points among Catholic voters: poll The Hill's Campaign Report: Biden goes on offense MORE's campaign director.