Bernie Sanders Introduces Bill to Eliminate all College Student Debt

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Monday, June 24, 2019

GoLocalPDX Political Team

Senator Bernie Sanders introduced new legislation to eliminate tuition and fees at all public four-year colleges and universities, as well as, make community colleges, trade schools, and apprenticeship programs tuition-and fee-free for all.

“This is truly a revolutionary proposal which accomplishes three major goals. First, in a highly competitive global economy, it makes certain that all Americans, regardless of income, can get the college education or job training they need to secure decent paying jobs by making public colleges, universities and trade schools tuition-free and debt-free,” said Sanders.

Sanders was joined in introducing the legislation by Representative Pramila Jayapal and Representative Illhan Omar.

“There is a crisis in higher education at a time when a postsecondary degree is more important than ever. A college degree should be a right for all, not a privilege for the few. What’s more, our student debt crisis is oppressing borrowers of color, shutting them out from the benefits that American higher education can and should offer. I am so proud to stand with my colleagues and introduce this bold package of legislation to reinvest in our nation’s future. We are committed to restoring freedom to students, workers and families – freedom from the student debt that is holding them back,” said Jayapal.

The legislation is endorsed by the American Federation of Teachers, the National Education Association, Freedom to Prosper, Social Security Works, Progress America, Progressive Democrats of America, Student Action, People's Action, Debt Collective, the American Medical Students Association, CREDO Action, and the Council for Opportunity in Education (COE).

The Legislation

Under the College for All Act, the average student loan borrower would save about $3,000 a year, and the economy would get a boost of approximately $1 trillion over 10 years.

The proposal also eliminates all $1.6 trillion in student debt for 45 million Americans.

The estimated $2.2 trillion cost of this bill would be paid for entirely by a tax on Wall Street speculation.

The members of Congress propose imposing a small Wall Street speculation tax of just 0.5 percent on stock trades (50 cents for every $100 worth of stock), a 0.1 percent fee on bonds, and a 0.005 percent fee on derivatives, which would raise up to $2.4 trillion over the next decade.

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