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KEY POINTS Presidential campaign proposals and recently introduced legislation aim to rewrite the rules around student loan interest, repayment and refinancing.

Some of the plans would reduce – or altogether erase – people's balances.

It's no surprise politicians have turned their attention to the topic: More than half of Americans say student debt is "a major problem" for the country, according to a Politico/Morning Consult poll.

CNBC | Jaden Urbi

A fresh start

U.S. Representative Alexandria Ocasio-Cortez & U.S. Senator Bernie Sanders on stage at Bernie Sanders Rally "Bernie's Back" in Queensbridge Park. She endorses him for President of USA. Lev Radin | LightRocket | Getty Images

Most people struggling with student loans probably didn't imagine debt forgiveness could be in their future. Now, leading presidential candidates are calling for such a reset. Bernie Sanders has proposed wiping out the country's $1.6 trillion outstanding student loan tab. Essentially, all borrowers would be freed from their debt. "This is truly a revolutionary proposal," Sanders told The Washington Post. Under Elizabeth Warren's plan, borrowers with household incomes of less than $100,000 would get $50,000 of their student debt forgiven. People who earn between $100,000 and $250,000 would be eligible for forgiveness on a sliding scale – that $50,000 in debt relief drops by $1 for every $3 a person earns over $100,000. And those who earn more than $250,000 would be ineligible for debt forgiveness. At a recent campaign event, Kamala Harris hinted that she'd be rolling out a plan soon to forgive the student loan debt of families who earn less than $100,000 a year. This week a senior government official appointed by Education Secretary Betsy DeVos resigned, saying the current student loan system is "fundamentally broken" and calling for billions of dollars in debt to be forgiven. A. Wayne Johnson proposes to forgive $50,000 in student debt for all borrowers, about $925 billion. "It's the first Republican support for widespread student loan forgiveness," said Mark Kantrowitz, a higher education expert. "That makes it a bipartisan issue."

Higher Education Act