Bernie Sanders Just Announced His College for All Plan—Here's What You Need to Know

Alexis Jones
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From Marie Claire

According to Bernie Sanders, freeing Americans from millions of dollars worth of debt shouldn't be that hard. On Monday, the presidential hopeful released "The College for All Act," which proposes a new tax on Wall Street that would cancel $1.6 trillion of student debt for 45 million Americans and eliminate tuition and fees for public colleges.

Sanders' plan has already been backed by Congresswomen Ilhan Omar, Alexandra Ocasio-Cortez, and Pramila Jaypal, all of whom tweeted their support and thoughts on the proposed act.

And since its release, people on Twitter have joined in the #CancelStudentDebt conversation to express the desperate need for student loan forgiveness.

Sanders isn't the only democratic presidential candidate with a proposed plan to cancel student debt. Earlier this month, along with House Majority Whip James E. Clyburn, Elizabeth Warren announced her plan for student loan forgiveness. According to Forbes, Warren's plan would "cancel student loan debt for more than 95 percent of borrowers, and would entirely cancel student loan debt for more than 75 percent of Americans with student loan debt." In terms of funding, Forbes predicts the money will come from elsewhere in Warren's campaign proposal, in particular her Ultra-Millionaire Tax, which would tax families with a net worth of $50 million or more at 2 percent.

Other 2020 presidential candidates like Pete Buttigieg and Julian Castro have released education reform plans of their own as part of their campaigns, while some-including Kamala Harris, Tulsi Gabbard, and Kirsten Gillibrand-have expressed support for Sanders' plan.

Amy Klobuchar, on the other hand, made it perfectly clear that student loan forgiveness is not a priority. "I am not for free four-year college for all, no,” Klobuchar said at her CNN town hall in February. “I wish: If I were a magic genie and could give that to everyone and we could afford it, I would.”

And, although Corey Booker co-sponsored Hawaii Democrat Brian Schatz’s debt-free college bill, he has remained quiet about his own plans for student loan forgiveness.

We'll have to wait for the debates on Wednesday and Thursday to get some answers out of the rest of them.

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