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

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The new legislation would cancel $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.

Sanders introduced the legislation with Minnesota Rep. Ilhan Omar and Washington Rep. Pramila Jayapal, co-chair of the Congressional Progressive Caucus. New York Rep. Alexandria Ocasio-Cortez, who will co-sponsor a pair of House bills that serve as companion legislation to Sanders' Senate plan, was also by his side for the announcement.

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 will make a full and complete education a human right in America, to which all of our people are entitled," Sanders said on Monday."This means making public colleges, universities and HBCUs tuition-free and debt-free by tripling the work study program, expanding Pell grants and other financial incentives."

 

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