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Bernie Sanders Plan to Cancel $1.6 Trillion Student Loan Debt

On 24th June 2019, Bernie Sanders scheduled to legalize the cancellation of student loan of USD1.6 trillion. After the law is passed, students’ debts of over 45 million undergraduates and graduates would be canceled. According to Bernie Sanders plan, there would be no eligible limitations. Moreover, the canceled student’s loan debt will be collected via a new taxation policy that will be introduced in Wall Streets.

Earlier Plans

Earlier, the Democratic Party political candidate Elizabeth Warren announced similar kind of proposal. Well, this relief package had eligibility levels based on income made by the individual. Moreover, the main purpose of that proposal was to remove the racial wealth gap.

Is it possible?

When Bernie Sanders announces this legislation, other important persons would be present. Expected members are Ilhan Omar, the Minnesota Representative, Pramila Jayapal, the Washington Representation, and co-chair of the Congressional Progressive Caucus.

Currently, there is the second place in Democratic primary polling. This is behind Joe Biden, former Vice President and rise of Elizabeth Warren in recent voter surveys. Meanwhile, Bernie Sanders hopes to gain credit as the most progressive candidate since 2016.  Many Democratic moderates have criticized Sanders’ proposal causing an economic system.

Announcement of Bernie Sanders Plan

On Saturday, 22nd June 2019, Bernie Sanders spoke to relieve the financial burden of student loan debt. He claimed that the Government would forgive student debt in the USA. Sanders announced the younger generation of the US will live a respectful life without debt. This would help them improve their standard of living. Also, with the Bernie Sanders plan, students would be able to buy the house of their choice.

According to the Bernie Sanders plan, everyone would receive 4-years of free college education in all public colleges and universities. In addition, community college students would benefit from the legislation. Also, reduce tuition fees for students of private colleges especially those belonging to lower income group.