Bernie Sanders Pledges To Erase Country’s Entire $1.5 Trillion In Student Debt

Democratic Senator and presidential candidate, Bernie Sanders, addresses the crowd at a packed rally inside the gymnasium at Clinton College, a historically black college, before a rally in Rock Hill, SC on June, 22... Democratic Senator and presidential candidate, Bernie Sanders, addresses the crowd at a packed rally inside the gymnasium at Clinton College, a historically black college, before a rally in Rock Hill, SC on June, 22 2019. - Many of the Democratic candidates running for president were in South Carolina over the weekend to make appearances at the Democratic Party Convention and win the hearts of black voters. (Photo by Logan Cyrus / AFP) (Photo credit should read LOGAN CYRUS/AFP/Getty Images) MORE LESS
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June 24, 2019 12:02 p.m.
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2020 candidate Sen. Bernie Sanders (I-VT) on Monday unveiled a new proposal to entirely wipe out the nation’s combined $1.5 trillion in student debt.

Sanders stated that his proposal, which would also make public universities and HBCUs tuition-free, aims to get rid of all student debt because “in the wealthiest country in the history of the world, it is simply not acceptable that our younger generation, through no fault of their own, will have a lower standard of living than their parents, more debt, lower wages, and less likelihood of owning their own homes.”

“That is why 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 for the crime of doing the right thing,” the Vermont senator said. “And that is going out and getting a higher education.”

Sanders said that his plan, estimated to cost $2.2 trillion over 10 years, will be “fully paid for” by a tax on Wall Street speculation.

2020 rival Sen. Elizabeth Warren (D-MA) unveiled a similar plan for free public college in April, though her plan for debt forgiveness is more limited: Under her proposal, anyone making less than $100,000 per year would see $50,000 of their student loan debt cancelled.

Like Sanders, Warren’s plan would be paid for by the country’s wealthiest citizens. In her case, it would be through her proposed Ultra-Millionaire Tax.

According to Forbes, student loan debt is at a record high at $1.5 trillion, and more than 44 million Americans have student loans.

Watch Sanders below:

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