If your student debt disappeared, would you save more for retirement?

Alessandra Malito
If your student debt disappeared, would you save more for retirement?

Student debt is one of the biggest obstacles to contributing enough — or, some say, anything — for retirement, but what would happen if Americans didn’t have that burden anymore? Bernie Sanders, the Vermont senator running for president as a Democrat next year, proposed a bill in the Senate that would cancel all student debt, an idea similar to what fellow candidate Sen. Elizabeth Warren, a Democrat from Massachusetts, has also suggested. Sanders’ bill would wipe away about $1.5 trillion of student debt, but cost the country $2.2 trillion to do this and make all U.S. public colleges free.