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.
“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.”
Read the full story about the proposal to eliminate student loan debt on our sister website The College Post.