Bernie Sanders on Student Loans
Bernie Sanders has consistently proposed eliminating the nation's approximately $1.6 trillion in outstanding student loan debt, arguing that the current situation saddles an entire generation with a lifetime of debt for seeking an education.
His plan to erase all student debt applies to roughly 45 million Americans without eligibility requirements, encompassing both federal and private loans. Sanders often frames this not just as relief for individuals but as a necessary economic stimulus for the country.
Furthermore, his long-term vision extends beyond debt forgiveness to preventing future debt by enacting the "College for All Act," which would make public two-year and four-year institutions tuition-free and debt-free. He proposes paying for these sweeping reforms primarily through a tax on Wall Street transactions.
Context
As a Senator from Vermont, a state where students graduate with significant average loan balances, Bernie Sanders has made student loan debt and college affordability central pillars of his progressive political platform. His views on student loans are intrinsically linked to his broader critique of income and wealth inequality.
Sanders views the soaring cost of higher education and the resulting debt burden as evidence of a failing economic system that benefits corporations over working families. His proposals aim to address this by making education a right, not a debt-financed privilege.
Actions Taken
- Legislation ProposalAnnounced a plan, alongside Rep. Ilhan Omar and Rep. Pramila Jayapal, to eliminate all outstanding student loan debt.
- Policy ProposalProposed refinancing existing federal student loans to current lower interest rates, aiming to essentially cut undergraduate rates in half by reverting to an older government formula.
- Legislation ProposalAdvocated for the College for All Act, which would make public colleges tuition-free and cover existing debt, financed by a tax on Wall Street speculation.
Key Quotes
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.”
This is truly a revolutionary proposal.
Comparison
- Sanders's Plan: Forgives all outstanding student debt, regardless of borrower income, as part of the College for All Act.
- Warren's Plan: Capped forgiveness at $50,000 per borrower and included income phase-outs for higher earners.
Sources4
Bernie Sanders Announces Plan to Erase $1.6 Trillion Outstanding Student Debt
* This is not an exhaustive list of sources.