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. From a report: 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. Sanders' plan would make two- and four-year public colleges and universities tuition- and debt-free. Trade schools and apprenticeship programs would be tuition-free, as well.

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