Bernie Sanders is expected to propose a bill cancelling all student debt
Senator Bernie Sanders, an Independent from Vermont seeking the Democratic nomination for president, will unveil a bill Monday to cancel all outstanding student debt, according to reports.
‘In a generation hard hit by the Wall Street crash of 2008, it forgives all student debt and ends the absurdity of sentencing an entire generation to a lifetime of debt for the ‘crime’ of getting a college education.’ —Bernie Sanders’ prepared remarks to be delivered Monday.
That two presidential candidates are backing student-debt cancellation proposals is a signal of how far the idea has come from a radical notion that sprouted out of Occupy Wall Street to a point of debate in national politics. Research indicates that cancelling student debt would have benefits for the economy and the individuals who get access to debt cancellation.
Still, the idea is not without controversy. Critics have historically taken issue with cancelling all student debt because wealthier students are more likely to benefit — at least as measured in dollar amounts. That’s because borrowers with graduate degrees, who tend to earn more, also tend to have higher levels of student debt. Warren aimed to address those concerns with the income cap.
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