Days before the first Democratic presidential debates, Sen. Bernie Sanders and House progressives are unveiling legislation canceling all student debt, going further than a signature proposal by Sen. Elizabeth Warren as the two jockey for support from the party’s liberal base.
By canceling all student loans, Sanders says the proposal addresses an economic burden for 45 million Americans. The key difference is that Warren’s plan considers the income of the borrowers, canceling $50,000 in debt for those earning less than $100,000 per year and affecting an estimated 42 million people in the U.S.
“In a generation hard hit by the Wall Street crash of 2008, it forgives all student debt and ends the absurdity of sentencing an entire generation to a lifetime of debt for the ‘crime’ of getting a college education,” Sanders said in remarks prepared for delivery at a news conference Monday with the proposal’s House sponsors, Reps. Ilhan Omar, D-Minnesota, and Pramila Jayapal, D-Washington.
Sanders’ effort at one-upsmanship on student loans, named the College For All Act, would cancel $1.6 trillion of debt and save the average borrower about $3,000 a year, according to materials obtained by The Associated Press. The result would be a stimulus that allows millennials, in particular, to invest in homes and cars that they wouldn’t otherwise be able to afford. It would cost $2.
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