Student loan debt in the United States is over $1.56 trillion, the highest it has ever been. About 45 million Americans have debt from attending a college or university. Two-thirds of students who graduated in 2017 left school with loans averaging $28,650, according to the Institute for College Access and Success. One lawmaker seeking the 2020 Democratic presidential nomination has proposed canceling billions of dollars of that student loan debt. Elizabeth Warren is a senator from the state of Massachusetts. This week she announced her college debt forgiveness plan. Her plan would cancel $50,000 in student loan debt for anyone whose yearly household earnings are under $100,000. Such a proposal would affect 42 million Americans. Her plan also would cancel some debt for those who earn between $100,000 and $250,000.