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Bernie: I’ll Cancel Entire $1.6 Trillion Student Loan Debt

Presidential hopeful says he’ll pay for the policy with a huge new tax on Wall Street.

Bernie Sanders wants to eliminate the entire $1.6 trillion of student debt held in the United States—and pay for it by levying a huge new tax on Wall Street that he says will raise $2 trillion. The 2020 hopeful will make the bold proposal Monday, according to The Washington Post, just two days before the Democratic presidential candidates’ first debate in Miami. Sanders will say, if he’s elected president, the federal government will wipe clean all student debt, including all private- and graduate-school debt. He would also make public universities, community colleges, and trade schools tuition-free. Sanders claims his new Wall Street tax will raise trillions over 10 years, though some tax experts say it would raise smaller amounts. Sanders will be joined Monday by Rep. Ilhan Omar (D-MN), who will introduce legislation in the House to eliminate all U.S. student debt.