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Bernie Sanders proposes forgiving the student debt of 45 million Americans

Sen. Bernie Sanders announced a plan on Monday to erase the country’s $1.6 trillion outstanding student loan tab, intensifying the higher education policy debate in the 2020 Democratic presidential primary.

The Democratic presidential candidate’s legislation — dubbed “The College for All Act” — will release all 45 million Americans from their student debt and be paid for with a new tax on Wall Street transactions.

The proposal goes further than fellow Democratic candidate Elizabeth Warren’s plan, which caps student debt forgiveness at $50,000 and offers no relief to borrowers who earn more than $250,000.

Outstanding education debt in the U.S. has eclipsed credit card and auto debt. Today the average college graduate leaves school $30,000 in the red, up from $10,000 in the 1990s, and 28% of student loan borrowers are in delinquency or default.

 
Source: CNBC
Bernie Sanders by Alex Hanson is licensed under Flickr Creative Commons Attribution 2.0 Generic license.

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