Bernie Sanders will announce a plan today to cancel all $1.6 trillion of U.S. student loan debt. Here's what you need to know:
Share to linkedinBernie Sanders will announce a plan today to cancel all $1.6 trillion of U.S. student loan debt.Sanders, a U.S. Senator from Vermont and 2020 presidential candidate, will offer legislation today that is the most ambitious plan yet to address the nation's student loan debt.
During his 2016 presidential campaign, Sanders proposed to make college tuition-free and debt-free. In 2016, he introduced legislation - the College For All Act - that would public colleges tution-free for students.Four-year public colleges and community colleges should be free - including tuition and fees - for everyone.
Sanders will fund his student loan forgiveness plan through a new tax on financial transactions, which he expects could raise more than $2 trillion over the next 10 years. The tax plan will include a 0.5% fee on all stock trades, a 0.1% fee on all bond trades and a 0.005% fee on all derivatives trades.
Streamline the student loan debt forgiveness process using data and income information already available to the federal government.
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