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

Sen. Bernie Sanders is set to stake out uncharted territory in the Democratic presidential primary, offering up a plan to completely eliminate the student loan debt of every American. CNN's Dave Briggs reports.

Posted: Jun 24, 2019 12:50 PM


Sen. Bernie Sanders is set to stake out uncharted territory in the Democratic presidential primary, offering up a plan to completely eliminate the student loan debt of every American.

On Monday, Sanders will submit legislation that cancels $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.

The proposal goes further than the plan already unveiled by his Democratic primary rival Sen. Elizabeth Warren. Warren's debt relief package was subject to income eligibility levels to determine how much relief the average person would receive -- parameters that Warren said were aimed at closing the racial wealth gap. Under the Sanders plan, if you have student debt of any kind it would be canceled the second the legislation is signed into law.

Sanders will announce the legislation alongside Minnesota Rep. Ilhan Omar and Washington Rep. Pramila Jayapal, co-chair of the Congressional Progressive Caucus.

This rollout comes at a time when second place in Democratic primary polling, behind former Vice President Joe Biden, seems up for grabs -- with Warren rising in recent voter surveys. With this latest, detailed pitch, Sanders is aiming to solidify his credentials as the most progressive candidate in a field that has largely embraced the priorities he brought to a national audience in 2016. The proposal is sure to invite new criticism from Democratic moderates, who have sought to cast themselves as pragmatic alternatives to Sanders' efforts to fundamentally remake the country's economic system.

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 are going to forgive student debt in this country," Sanders said. "We have for the first time in the modern history of this country a younger generation that if we don't change it, and we intend to change it, will have a lower standard of living than their parents, more in debt, lower wages than their parents, unable to buy the house that they desire."

The plan is part of a more comprehensive "college for all" program that Sanders has already released in pieces and includes free tuition at all four-year public colleges and universities, as well as community colleges. The broader proposal also includes subsidies to reduce the cost of tuition and fees for low income students at private colleges that historically serve underrepresented communities.

Sanders will also release a detailed roadmap -- centered on new taxes on Wall Street -- to raise the $2.2 trillion dollars necessary to pay for this program and his other college funding plans. It will include a 0.5% tax on stock trades (or 50 cents for every $100 worth of stock), a 0.1% fee on bonds, and a 0.005% fee on derivatives. Sanders believes that could raise more than $2.4 trillion dollars over the next ten years.

Sanders has already introduced the Wall Street speculation tax, which he calls the Inclusive Prosperity Act. At an event on Sunday in South Carolina he delivered the political argument for using it to help millions of Americans struggling with student debt.

"Congress voted to bail out the crooks on Wall Street, do you remember that?" he asked the crowd to a chorus of boos. "They provided seven hundred billion in federal loans and in addition trillions of dollars in zero or very low interest loans. So I think the time is now for Wall Street to repay that obligation to the American people. If we could bail out Wall Street, we sure as hell can reduce student debt in this country."

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 503322

Reported Deaths: 10057
CountyCasesDeaths
Harrison34400541
DeSoto32318411
Hinds32074631
Jackson24551386
Rankin22103391
Lee15657235
Madison14662281
Jones13894243
Forrest13506253
Lauderdale12037318
Lowndes11091192
Lamar10531138
Pearl River9557238
Lafayette8581140
Hancock7751130
Washington7458161
Oktibbeha7152133
Monroe6796178
Warren6752176
Pontotoc6736104
Neshoba6656206
Panola6572131
Marshall6494135
Bolivar6331150
Union607794
Pike5849154
Alcorn5691102
Lincoln5468135
George502979
Scott474198
Tippah472481
Prentiss471582
Leflore4676144
Itawamba4651105
Tate4632111
Adams4617120
Copiah450092
Simpson4458116
Yazoo445388
Wayne440772
Covington429894
Sunflower4246105
Marion4236108
Coahoma4178108
Leake409888
Newton383179
Grenada3731108
Tishomingo361592
Stone360664
Jasper336565
Attala335290
Winston315391
Clay309077
Chickasaw302367
Clarke295894
Calhoun279947
Holmes268788
Smith266550
Yalobusha237247
Tallahatchie228752
Greene220649
Walthall219364
Lawrence213640
Perry206456
Amite206056
Webster203446
Noxubee186940
Montgomery179757
Jefferson Davis172243
Carroll169639
Tunica160139
Benton149439
Kemper142141
Choctaw134627
Claiborne132838
Humphreys129738
Franklin120728
Quitman106828
Wilkinson105139
Jefferson95934
Sharkey64220
Issaquena1937
Unassigned00

Alabama Coronavirus Cases

Cases: 821255

Reported Deaths: 15424
CountyCasesDeaths
Jefferson1149051930
Mobile726651340
Madison52400699
Shelby37685350
Baldwin37285552
Tuscaloosa35147613
Montgomery34130740
Lee23556246
Calhoun22255490
Morgan21037378
Etowah19844500
Marshall18390304
Houston17406412
St. Clair16091339
Cullman15493293
Limestone15402199
Elmore15292286
Lauderdale14366295
Talladega13870283
DeKalb12670261
Walker11255370
Blount10227176
Autauga10061148
Jackson9909185
Coffee9215191
Dale8912186
Colbert8907201
Tallapoosa7103198
Escambia6782134
Covington6724183
Chilton6658162
Russell637659
Franklin5992105
Chambers5615142
Marion5016127
Dallas5013202
Pike4799106
Clarke477284
Geneva4577127
Winston4538103
Lawrence4352117
Bibb425686
Barbour358376
Marengo338390
Monroe332064
Randolph330264
Butler328596
Pickens317384
Henry313166
Hale311988
Cherokee303260
Fayette294580
Washington251651
Cleburne247960
Clay245568
Crenshaw245475
Macon235563
Lamar225747
Conecuh186654
Coosa180940
Lowndes175764
Wilcox169139
Bullock151844
Perry139240
Sumter133338
Greene126744
Choctaw88527
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