WASHINGTON Democratic presidential candidate Elizabeth Warren wants to relieve student debt for 42 million people an estimated $640 billion in loans held by mainly middle- and lower-income Americans.

The Massachusetts senator and the House majority whip, Rep. James Clyburn (D-S.C.), introduced the Student Loan Debt Relief Act on Tuesday. The bill would eliminate student debt entirely for 75% of borrowers and partially for another 20% of borrowers.

[Student loan] debt not only affects the people who try to carry it it affects our entire economy, Warren said at a press conference. Finding a way to cancel a big chunk of that student loan debt means freeing up young people to do more.

The proposed legislation only addresses existing student debt, not the rising cost of higher education or predatory for-profit colleges, although both Democratic lawmakers aim to address those issues in other legislation. Its also unlikely to pass the Republican-controlled Senate or be signed by President Donald Trump . But the bill does offer another look at how Warren aims to reshape the education system if she becomes president.

The goal of this legislation is to make it easier to cancel both private and federal loan debt, as well as to take considerable steps toward closing the racial wealth gap , Warren and Clyburn said on Tuesday.