A bill that would wipe out nearly all U.S. student loan debt was introduced Tuesday by Sen. Elizabeth Warren Elizabeth WarrenHillicon Valley: Subpoenas for Facebook, Google and Twitter on the cards | Wray rebuffs mail-in voting conspiracies | Reps. raise mass surveillance concerns On The Money: Anxious Democrats push for vote on COVID-19 aid | Pelosi, Mnuchin ready to restart talks | Weekly jobless claims increase | Senate treads close to shutdown deadline Democratic senators ask inspector general to investigate IRS use of location tracking service MORE (D-Mass.), a top-tier 2020 presidential candidate.

Warren and House Majority Whip Jim Clyburn James (Jim) Enos ClyburnMcEnany says Trump will accept result of 'free and fair election' Fauci, Black Lives Matter founders included on Time's 100 Most Influential People list Azar to testify before House coronavirus subcommittee MORE (D-S.C.) in June first announced the bicameral legislation to forgive up to $50,000 in loan debt for those 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.

Clyburn and Warren said "The Student Loan Debt Relief Act" would end the student debt crisis and lessen the racial wealth gap.

ADVERTISEMENT

"My very first bill when I got to the Senate was legislation to tackle the growing student debt crisis because I was sick of Washington allowing the wealthy to pay less, while burying tens of millions of Americans in mountains of student loan debt. Since then, Washington has only allowed this crisis to get worse — especially for people of color. Enough is enough," Warren said in a statement Tuesday.

"Post-secondary education should be the springboard to enable students to achieve their dreams not the impediment that prevents the realization of those goals," Clyburn added.

The bill would provide automatic cancellation using data already available to the federal government regarding household gross income and outstanding student loan debt.

It would not treat canceled debt as taxable income.

Warren's Senate colleague and Democratic primary opponent Sen. Bernie Sanders Bernie SandersThe Hill's Campaign Report: Trump faces backlash after not committing to peaceful transition of power Bernie Sanders: 'This is an election between Donald Trump and democracy' The Hill's 12:30 Report: Trump stokes fears over November election outcome MORE (I-Vt.) in June announced a plan to cancel $1.6 trillion in student debt, following Warren's announced plan.

Sanders's plan would wipe out student debt for all, whereas Warren's student debt forgiveness plan is capped at household incomes of $250,000.

Sanders and Warren, both in the top of the crowded 2020 field, are two of the most progressive candidates seeking the nomination.

Sanders's plan is backed by Reps. Ilhan Omar Ilhan OmarOmar fires back at Trump over rally remarks: 'This is my country' Trump attacks Omar for criticizing US: 'How did you do where you came from?' Democrats scramble on COVID-19 relief amid division, Trump surprise MORE (D-Minn.) and Pramila Jayapal Pramila JayapalHillicon Valley: Subpoenas for Facebook, Google and Twitter on the cards | Wray rebuffs mail-in voting conspiracies | Reps. raise mass surveillance concerns Bipartisan representatives demand answers on expired surveillance programs DHS opens probe into allegations at Georgia ICE facility MORE (D-Wash.).