In the wake of the upcoming 2020 presidential elections, Democratic Hopeful Sen. Bernie Sanders has proposed to bring a huge change in the American education sector by making college free in the country. The aim is to eliminate the student debt plan of every American, giving them access to free education.
As the reports suggest, Sanders would submit the legislation on Monday, which would amount to cancel the $1.6 trillion of student loan for approximately 45 million people, including the debts of the undergraduates and graduates. He would announce the legislation in the presence of Minnesota Rep. Ilhan Omar and Washington Rep. Pramila Jayapal, co-chair of the Congressional Progressive Caucus.
Relieving the burden of student debts has been a part of Sanders’ plan from a very long time and he has been making every possible effort regarding the same. His aim is to provide a comprehensive “college for all” including free tuition for the poor.
During an event in South Carolina, Sanders addressed his concerns saying, “We are going to forgive student debt in this country. We have for the first time in the modern history of this country a younger generation that if we don’t change it, and we intend to change it, will have a lower standard of living than their parents, more in debt, lower wages than their parents, unable to buy the house that they desire.”
The cancellation of student debt plan would have no eligibility criterions. The charges would be paid by introducing Wall Street speculation tax, also known as the Inclusive Prosperity Act.
Earlier, another Democratic primary rival Sen. Elizabeth Warren had introduced some relief to the student debt plan. The only limitation was income eligibility levels, which restricted the parameters of relief for an individual. The aim was to set aside the gaps made between the wealthy and non-wealthy students. However, Sanders’ plan focused on cancelling out all sorts of debts, once it becomes a law.
Following the wave of elections in the country, the Democratic primary rolling viewed former Vice President Joe Biden to be on the first position. Thus, the Democratic rivals have been trying to bring in various policies to lure the voters in order to grab the second position, which remains empty as of now. Both Warren and Sanders have been fighting to prove themselves worthy of the position, bringing in all sorts of concerns, of which student debt loan is one important factor.
The analysts believe that the student debt plan would definitely drain out the country’s economic growth. However, Sanders’ will to cancel out the student debt plan and bring in equality in the field of education remains firm. It could also be a move to appease the voters to gain in the 2020 Presidential elections.