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Bernie Sanders to unveil plan to cancel all $1.6 trillion of student loan debt

Sen. Bernie Sanders is set to stake out uncharted territory in the Democratic presidential primary, offering up a plan to completely eliminate the student loan debt of every American. CNN's Dave Briggs reports.

Posted: Jun 24, 2019 9:06 AM


Sen. Bernie Sanders is set to stake out uncharted territory in the Democratic presidential primary, offering up a plan to completely eliminate the student loan debt of every American.

On Monday, Sanders will submit legislation that cancels $1.6 trillion of student loan undergraduate and graduate debt for approximately 45 million people. His ambitious plan has no eligibility limitations and would be paid for with a new tax on Wall Street speculation.

The proposal goes further than the plan already unveiled by his Democratic primary rival Sen. Elizabeth Warren. Warren's debt relief package was subject to income eligibility levels to determine how much relief the average person would receive -- parameters that Warren said were aimed at closing the racial wealth gap. Under the Sanders plan, if you have student debt of any kind it would be canceled the second the legislation is signed into law.

Sanders will announce the legislation alongside Minnesota Rep. Ilhan Omar and Washington Rep. Pramila Jayapal, co-chair of the Congressional Progressive Caucus.

This rollout comes at a time when second place in Democratic primary polling, behind former Vice President Joe Biden, seems up for grabs -- with Warren rising in recent voter surveys. With this latest, detailed pitch, Sanders is aiming to solidify his credentials as the most progressive candidate in a field that has largely embraced the priorities he brought to a national audience in 2016. The proposal is sure to invite new criticism from Democratic moderates, who have sought to cast themselves as pragmatic alternatives to Sanders' efforts to fundamentally remake the country's economic system.

On the stump and in interviews, Sanders has long spoken about finding ways to relieve the burden of student debt, but this this is his most specific plan to date. He teased the announcement during an event in South Carolina on Saturday night.

"We are going to forgive student debt in this country," Sanders said. "We have for the first time in the modern history of this country a younger generation that if we don't change it, and we intend to change it, will have a lower standard of living than their parents, more in debt, lower wages than their parents, unable to buy the house that they desire."

The plan is part of a more comprehensive "college for all" program that Sanders has already released in pieces and includes free tuition at all four-year public colleges and universities, as well as community colleges. The broader proposal also includes subsidies to reduce the cost of tuition and fees for low income students at private colleges that historically serve underrepresented communities.

Sanders will also release a detailed roadmap -- centered on new taxes on Wall Street -- to raise the $2.2 trillion dollars necessary to pay for this program and his other college funding plans. It will include a 0.5% tax on stock trades (or 50 cents for every $100 worth of stock), a 0.1% fee on bonds, and a 0.005% fee on derivatives. Sanders believes that could raise more than $2.4 trillion dollars over the next ten years.

Sanders has already introduced the Wall Street speculation tax, which he calls the Inclusive Prosperity Act. At an event on Sunday in South Carolina he delivered the political argument for using it to help millions of Americans struggling with student debt.

"Congress voted to bail out the crooks on Wall Street, do you remember that?" he asked the crowd to a chorus of boos. "They provided seven hundred billion in federal loans and in addition trillions of dollars in zero or very low interest loans. So I think the time is now for Wall Street to repay that obligation to the American people. If we could bail out Wall Street, we sure as hell can reduce student debt in this country."

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 1524527

Reported Deaths: 20751
CountyCasesDeaths
Marion2077652558
Lake1010411517
Allen946081024
Hamilton73638551
St. Joseph65362761
Elkhart50026632
Vanderburgh48959530
Tippecanoe44411338
Johnson38772527
Hendricks36850462
Porter34709476
Madison29301547
Clark26328328
Vigo25941346
LaPorte23600313
Monroe23478249
Howard22382381
Delaware21877370
Hancock18857220
Bartholomew18433216
Kosciusko18124203
Warrick17207215
Wayne16474303
Floyd16129257
Grant15566299
Morgan14615232
Boone13622138
Noble11983142
Shelby11877152
Dearborn11825113
Henry11771201
Marshall11444171
Dubois11418152
Jackson10772104
Cass10380143
Lawrence10308221
DeKalb10292132
Huntington10277140
Gibson9749126
Montgomery9377144
Knox9162125
Harrison9157117
Whitley886771
Steuben8739105
Jasper8325116
Putnam8306100
Clinton827596
Miami8249135
Jefferson8030127
Wabash7914139
Ripley7278116
Adams6713103
Daviess6661130
Scott663586
White624484
Greene6159112
Clay615275
Decatur6062120
Wells6001120
Jennings600081
Fayette5886122
Posey561648
LaGrange535797
Randolph5171129
Washington511470
Owen5068100
Fountain482580
Spencer457456
Sullivan449866
Starke443986
Fulton440393
Orange435083
Jay419964
Rush418839
Perry397555
Carroll384549
Franklin382850
Vermillion363562
Pike327845
Parke327338
Tipton320675
Blackford275955
Pulaski275375
Newton235461
Brown233556
Benton221521
Crawford220132
Switzerland201414
Martin191822
Warren179522
Union172619
Ohio125216
Unassigned0759

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 2496243

Reported Deaths: 31987
CountyCasesDeaths
Franklin2696772100
Cuyahoga2600613087
Hamilton1742641756
Montgomery1162791651
Summit1084961418
Lucas929121193
Butler82981963
Stark766321431
Lorain63976809
Warren52895489
Mahoning50955930
Lake47462611
Clermont46371452
Delaware40674220
Trumbull39527790
Licking38492416
Medina38487427
Fairfield35469349
Greene33906435
Portage32283366
Clark31960453
Richland29400444
Wood29143301
Allen25702403
Miami23931408
Muskingum23316255
Columbiana22903409
Wayne21965365
Tuscarawas19512428
Erie18531224
Ashtabula18489362
Marion18456235
Scioto17888214
Ross17287260
Pickaway16251181
Hancock16004232
Geauga15456229
Lawrence14746186
Belmont14033248
Union1403384
Huron13838184
Jefferson13519261
Sandusky13180200
Athens12624107
Knox12037201
Seneca11934204
Darke11316202
Ashland11157184
Washington11009172
Auglaize10785147
Crawford10333178
Shelby10308160
Brown9972145
Fulton9661154
Highland9632151
Guernsey9612122
Defiance9486137
Logan9403147
Clinton9299132
Mercer9015112
Madison8971111
Preble8428170
Williams8263138
Putnam8024136
Champaign7974113
Ottawa7909123
Jackson7763121
Perry7415102
Coshocton7345136
Morrow723984
Fayette703292
Pike658489
Hardin6532133
Gallia634391
Adams6159127
Van Wert6025121
Henry598196
Hocking5835105
Wyandot498894
Carroll4961101
Holmes4857167
Paulding421665
Meigs397774
Monroe313868
Harrison296362
Noble295652
Morgan289448
Vinton254646
Unassigned08
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