Democratic presidential candidate Elizabeth Warren unveiled a huge proposal Monday, which would eliminate existing student loan debt for millions of Americasn. According to the proposal, Warren is seeking to eliminate $50,000 of student debt for each person with a household income under $100,000. If enacted, the plan would cost the federal government a one-time fee of $640 billion. According to Forbes as of 2018, the total student debt in the United States is $1.52 trillion, owned by approximately 44.2 million people. That is an average student debt carried by an individual of about $38,390.