Elizabeth Warren Unveilsbr $640 Billion College Debtbr Forgiveness Plan Elizabeth Warren wants to eliminatebr college debt for 42 million Americans. Her proposal calls for the cancelationbr of $50,000 in debt for anyone with abr household income under $100,000. Warren believes the burden of studentbr loans has a negative impact on the U.S. economy. Elizabeth Warren, via ‘Medium’ The cost of the debt cancelationbr would be covered by her proposedbr Ultra-Millionaire Tax, which calls for a 2 annual tax forbr families with over $50 million in wealth. She also proposed her planbr for universal free college, calling for publicbr colleges to be free of tuition and fees.