Senator and presidential candidate Bernie Sanders introduced legislation on Monday that would forgive more than $1.6 trillion in student debt held by 45 million people across the United States.
The proposal, which Sanders introduced alongside Representatives Ilhan Omar and Pramila Jayapal, would make two and four-year public and tribal colleges and universities tuition-free and debt-free. It would also completely eliminate the outstanding $1.6 trillion in student debt by imposing a tax on Wall Street.
This draws a contrast with the plans other presidential candidates like Julian Castro and Senator Elizabeth Warren who have only proposed partial debt-forgiveness.
The student loan crisis is keeping people from:
???? Becoming teachers & other public careers
???? Buying homes & large purchases
???? Starting families
???? Educating themselves further w/ other specialized degrees
As a result, it’s impacting the ENTIRE economyhttps://t.co/E1ZijJiH2s
— Alexandria Ocasio-Cortez (@AOC) June 24, 2019
“Under the proposal that we introduced today, all student debt would be canceled in six months,” Sanders said during a press conference outside the Capitol building on Monday morning.
“By taking this action, we not only provide immediate financial relief to 45 million Americans who have $1.6 trillion in debt, but we will be improving the entire economy. According to a recent study, canceling all student debt would add an estimated $1 trillion to our economy over the next decade and create up to 1.5 million jobs.”