Bernie Sanders Calls for Canceling $1.6 Trillion in Student Loan Debt

Bernie Sanders
Randall Hill/File Photo/Reuters

U.S. presidential contender Bernie Sanders proposed a plan on Monday to cancel $1.6 trillion in student loans and pay for it with a tax on Wall Street, elevating the issue in the 2020 debate and going beyond proposals from his Democratic White House rivals.

Sanders, an independent U.S. senator from Vermont, said his plan would wipe out college debt for 45 million Americans and be funded with a tax on stock, bond and derivatives transactions that would raise about $2.2 trillion over 10 years.

The proposal builds on Sanders’ longstanding call to make public universities and colleges tuition-free, an issue he has highlighted since his first presidential run in 2016. He said student loan debt was economically crippling young Americans.

“This proposal completely eliminates student debt in this country and ends the absurdity of sentencing an entire generation, the millennial generation, to a lifetime of debt,” Sanders said at the unveiling of his U.S. Senate bill.

“The American people bailed out Wall Street. Now, it is time for Wall Street to come to the aid of the middle class of this country,” he said.

Other liberal Democrats, including presidential rivals Elizabeth Warren and Julian Castro, have taken up the call and proposed smaller student-debt cancellation plans.

Warren has proposed canceling $50,000 in student loan debt for anyone with annual household income under $100,000 and give substantial cancellation to those between $100,000 and $250,000. She proposed paying for the plan with a tax on wealthy families.

The Sanders proposal comes two days before the first debates involving candidates seeking the Democratic nomination for the right to challenge Republican President Donald Trump in November 2020. Ten candidates each will meet in back-to-back debates on Wednesday and Thursday nights in Miami, Florida.

Sanders appeared at a news conference with U.S. Representatives Ilhan Omar and Pramila Jayapal, who joined him in proposing the legislation.

(Editing by Bill Berkrot)

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Mike
Guest
Mike

I paid my student loan off with hard work and perseverance. Will I be paid back Bernie? Will college be free to all future students that will be taking on debt for college??

Friend
Member

$1.6 trillion, is that the cost to win the White House? This is just grandstanding and making promises to garner votes. What’s next, credit card loan forgiveness? How about car loan forgiveness or home mortgage forgiveness? When you accepted the LOAN, what part of LOAN did you NOT understand? A loan must be paid back or there are consequences. My daughter is paying back her loans while a full time teacher and as a result is barely able to pay living expenses….BUT she is paying the loan!

Joey
Guest
Joey

So Bernie is going to call off student debt by raising taxes on those of us who have already paid our loans off? Sounds like a bad deal to me.

Jay
Guest
Jay

If he were elected as president he wouldn’t make it 4 more years. He is old as dirt and so out of touch with reality. Bernie needs to just go home and relax in his rocking chair and prepare for death. Because it’s coming. For him it will be here really really soon.

Loren Clobes
Guest
Loren Clobes

Hey Brain Dead Burney,
Is all that money going to come out of your personal bank account????? If not, where is the money going to come from.
The way you idiots spend money without thinking makes me wonder how you idiots remain in office.
STOP WASTEING MONEY THAT IS NOT YOURS TO WASTE.

Sue
Guest
Sue

Trying to gain votes from the younger generation, Bernie? You don’t give them enough credit. They can see right through you.

Cynthia
Member

Yeah, Bernie. Just give everyone what they want. Don’t worry where the money comes from.

Otis
Member

Thufferin’ Thuccotath! Bernie should adopt Daffy Duck as his running mate.

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