In a move calculated to set him apart from other democratic candidates, Bernie Sanders revealed this week that he has a plan to not just reduce the amount of student loan debt millions carry, but to eliminate it completely.
His plan is far more comprehensive than Elizabeth Warren’s plan, which is to reduce student loan debt for those who have a low enough income to bridge the racial wealth gap.
Sanders takes this one step further from hers and offers that as soon as his legislation is signed, $1.6 trillion in student loan debt from undergraduate and graduate degrees is simply gone.
How Can the US Afford This?
The question you – and others – are probably thinking is, how can the US even begin to afford this? Sanders has a plan that involves aggressively taxing Wall Street to raise what he estimates to be about $2.4 trillion over ten years.
His logic? The government bailed out Wall Street when they needed it. The least they could do is help eliminate student loans.