With the 2020 presidential elections looming, several presidential candidates have already begun speaking about reforms to higher education policy. With candidates continuing to formulate their positions, College Aid Services will report on these candidate statements. Our first post comes from Democrat presidential hopeful Sen. Bernie Sanders.
On Monday, June 24, Senator Sanders promised that he would cancel all $1.6 trillion in student loan debt. In addition, as part of a larger proposal of reforms to higher education, Sanders vowed to eliminate tuition at public colleges/universities by providing federal funds to institutions. He is proposing a fund would be created by assessing a tax on Wall Street transactions, such as the sale of stocks and bonds.
Sanders is not the only presidential candidate to propose loan forgiveness and tuition-free public higher education. Fellow Democrat and presidential hopeful Sen. Elizabeth Warren made a similar proposal. However, while Warren’s proposal also includes tuition-free higher education, it is less ambitious than that promised by Sanders, with up to $50,000 in debt forgiveness for those with income under $100,000. Those with income between $100,000 and $250,000 would receive partial debt forgiveness, with the amount of debt forgiven progressively decreasing as income rises. Those with incomes above $250,000 would receive no forgiveness on their student loan debt.
Sources: Sanders vs Warren on College Debt Relief