Bernie Sanders proposes eliminating all outstanding student loan debt owed by Americans
Sen. Bernie Sanders on Monday proposed eliminating all of the nearly $1.6 trillion in outstanding student loan debt owed by Americans, raising the stakes on an issue that has increasingly animated the progressive base of the Democratic party.
“The overwhelming majority of the people who are going to benefit from this legislation are working-class people,” Sanders said, surrounded by progressive lawmakers, including Reps. Pramila Jayapal , Ilhan Omar and Alexandria Ocasio-Cortez , who are filing a companion bill to Sanders’ proposal in the House.
The lawmakers pitched the effort as a “bailout” for millennials and the working class, funded by Wall Street. Sanders would pay for his higher education plan by imposing a new tax on Wall Street transactions, including stock trades, bonds and derivatives. His campaign said that taxes would generate more than $2.4 trillion over the next decade, enough to cover the $2.2 trillion higher education plan.
Sanders previously called, during the 2016 presidential campaign, for eliminating tuition at public colleges and universities for all students. He sparred over that issue with Hillary Clinton, who attacked his plan for subsidizing wealthy families who can already afford to pay for college. Sanders ultimately backed a compromise with Clinton ahead of the 2016 Democratic convention that called for limiting free public college tuition to families earning less than $125,000.
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