Bernie Sanders’ student loans proposal is certainly winning him points with younger generations as the Democratic presidential candidate promises to cancel all student loan debt across the U.S.
Here are seven things to know about Sanders’ proposal:
- The Vermont Senator unveiled the legislation that would cancel all student loan debt with no eligibility parameters.
- This means that every single one of the 45 million student loan borrowers who have both federal and private loans will have all of their debt forgiven.
- The move would cancel more than $1.6 trillion in student loan.
- Sanders plans on funding the plan through a new tax on financial transactions, which he predicts will raise more than $2 trillion over the next 10 years.
- The tax plan will include a 0.5% fee on all stock trades, as well as a 0.1% fee on all bond trades, plus a 0.005% fee on all derivatives trades.
- The presidential candidate will announce the legislation with his colleagues in the House of Representatives, which include Representative Ilhan Omar (D-MN) and Representative Pramila Jayapal (D-WA).
- Sanders also believes that four-year public colleges and community colleges should be free, which includes tuition and fees, while federal student loan interest rates should be lower. He also believes that student loan refinancing needs an overhaul to help save money for more borrowers.
What do you make of Bernie Sanders’ student loans proposal?
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