Bernie Sanders: I Will Cancel All $1.6 Trillion Of Your Student Loan Debt

Sullivan

Well-Known Member
Nov 24, 2001
16,958
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Bernie Sanders: I Will Cancel All $1.6 Trillion Of Your Student Loan Debt


Student Loan Debt Forgiveness

Sanders, a U.S. Senator from Vermont and 2020 presidential candidate, will offer legislation today that is the most ambitious plan yet to address the nation's student loan debt. As first reported by the Washington Post, Sanders' plan will have no eligibility criteria and will be available to the nation's approximately 45 million student loan borrowers of both federal student loan and private student loans.

Sanders will announce the legislation with colleagues in the House of Representatives, including Representative Ilhan Omar (D-MN) and Pramila Jayapal (D-WA).

During his 2016 presidential campaign, Sanders proposed to make college tuition-free and debt-free. In 2016, he introduced legislation - the College For All Act - that would public colleges tution-free for students.

Sanders believes that:

  • Four-year public colleges and community colleges should be free - including tuition and fees - for everyone.
  • Federal student loan interest rates should be lower, and the federal government should not make a profit on student loans.
  • Student loan refinancing should be revamped to help save money for more borrowers.
Student Loan Debt Forgiveness: Who Pays

Sanders will fund his student loan forgiveness plan through a new tax on financial transactions, which he expects could raise more than $2 trillion over the next 10 years. The tax plan will include a 0.5% fee on all stock trades, a 0.1% fee on all bond trades and a 0.005% fee on all derivatives trades.

Comparison To Elizabeth Warren Student Loan Debt Plan

Senator Elizabeth Warren (D-MA) introduced legislation earlier this month to cancel student loan debt for more than 95% of borrowers, and would entirely cancel student loan debt for more than 75% of Americans with student loan debt. Warren believes that her plan would reduce the wealth gap in America and provide an economic stimulus to the middle class to increase home purchases and help start small businesses.

While the Sanders plan would cancel more student loan debt than Warren's legislative proposal, Warren's plan would:

  • Cancel $50,000 in student loan debt for every person with household income under $100,000.
  • Provide substantial debt cancellation for every person with household income between $100,000 and $250,000.
  • Not tax as income student loan debt that has been cancelled.
  • Also make private student loan debt eligible for cancellation.
  • Streamline the student loan debt forgiveness process using data and income information already available to the federal government.
Importantly, Warren's plan offers no student loan debt cancellation to borrowers with a household income above $250,000, which she says is the Top 5% of earners. There would also be "phase-outs" based on income. The $50,000 cancellation amount would phase out by $1 for every $3 in income above $100,000. According to Warren, for example, "a person with household income of $130,000 gets $40,000 in cancellation, while a person with household income of $160,000 gets $30,000 in cancellation."

Warren's campaign proposal included an Ultra-Millionaire Tax that would include a 2% annual tax on the 75,000 families in the U.S. who have at least $50 million in net worth. However, Warren has not indicated whether the legislative proposal would be funded in the same manner.

Student Loans: 2020 Presidential Candidates

Some of the 2020 presidential candidates have weighed in on the future of higher education, how to manage growing student loan debt, and how to pay off student loans faster. Candidates including President Donald Trump, U.S. Senator Bernie Sanders (I-VT), Mayor Pete Buttigieg (D-IN), U.S. Senator Kamala Harris (D-CA), U.S. Senator Kirsten Gillibrand (D-NY) and others have proposed everything from tuition-free college to student loan debt forgiveness to student loan refinancing and public service loan forgiveness.

https://www.forbes.com/sites/zackfriedman/2019/06/24/student-loans-bernie-sanders/#5e1266123fc2
 

psuted

Well-Known Member
Gold Member
Nov 26, 2010
27,726
23,241
1
Bernie Sanders: I Will Cancel All $1.6 Trillion Of Your Student Loan Debt


Student Loan Debt Forgiveness

Sanders, a U.S. Senator from Vermont and 2020 presidential candidate, will offer legislation today that is the most ambitious plan yet to address the nation's student loan debt. As first reported by the Washington Post, Sanders' plan will have no eligibility criteria and will be available to the nation's approximately 45 million student loan borrowers of both federal student loan and private student loans.

Sanders will announce the legislation with colleagues in the House of Representatives, including Representative Ilhan Omar (D-MN) and Pramila Jayapal (D-WA).

During his 2016 presidential campaign, Sanders proposed to make college tuition-free and debt-free. In 2016, he introduced legislation - the College For All Act - that would public colleges tution-free for students.

Sanders believes that:

  • Four-year public colleges and community colleges should be free - including tuition and fees - for everyone.
  • Federal student loan interest rates should be lower, and the federal government should not make a profit on student loans.
  • Student loan refinancing should be revamped to help save money for more borrowers.
Student Loan Debt Forgiveness: Who Pays

Sanders will fund his student loan forgiveness plan through a new tax on financial transactions, which he expects could raise more than $2 trillion over the next 10 years. The tax plan will include a 0.5% fee on all stock trades, a 0.1% fee on all bond trades and a 0.005% fee on all derivatives trades.

Comparison To Elizabeth Warren Student Loan Debt Plan

Senator Elizabeth Warren (D-MA) introduced legislation earlier this month to cancel student loan debt for more than 95% of borrowers, and would entirely cancel student loan debt for more than 75% of Americans with student loan debt. Warren believes that her plan would reduce the wealth gap in America and provide an economic stimulus to the middle class to increase home purchases and help start small businesses.

While the Sanders plan would cancel more student loan debt than Warren's legislative proposal, Warren's plan would:

  • Cancel $50,000 in student loan debt for every person with household income under $100,000.
  • Provide substantial debt cancellation for every person with household income between $100,000 and $250,000.
  • Not tax as income student loan debt that has been cancelled.
  • Also make private student loan debt eligible for cancellation.
  • Streamline the student loan debt forgiveness process using data and income information already available to the federal government.
Importantly, Warren's plan offers no student loan debt cancellation to borrowers with a household income above $250,000, which she says is the Top 5% of earners. There would also be "phase-outs" based on income. The $50,000 cancellation amount would phase out by $1 for every $3 in income above $100,000. According to Warren, for example, "a person with household income of $130,000 gets $40,000 in cancellation, while a person with household income of $160,000 gets $30,000 in cancellation."

Warren's campaign proposal included an Ultra-Millionaire Tax that would include a 2% annual tax on the 75,000 families in the U.S. who have at least $50 million in net worth. However, Warren has not indicated whether the legislative proposal would be funded in the same manner.

Student Loans: 2020 Presidential Candidates

Some of the 2020 presidential candidates have weighed in on the future of higher education, how to manage growing student loan debt, and how to pay off student loans faster. Candidates including President Donald Trump, U.S. Senator Bernie Sanders (I-VT), Mayor Pete Buttigieg (D-IN), U.S. Senator Kamala Harris (D-CA), U.S. Senator Kirsten Gillibrand (D-NY) and others have proposed everything from tuition-free college to student loan debt forgiveness to student loan refinancing and public service loan forgiveness.

https://www.forbes.com/sites/zackfriedman/2019/06/24/student-loans-bernie-sanders/#5e1266123fc2

Thank God this wacko is unelectable.
 

nitanee123

Well-Known Member
Nov 27, 2001
5,796
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photos.medleyphoto.8410992.jpg
 

b&w1987

Well-Known Member
Oct 8, 2005
8,143
6,778
1
Houston
Bernie Sanders: I Will Cancel All $1.6 Trillion Of Your Student Loan Debt


Student Loan Debt Forgiveness

Sanders, a U.S. Senator from Vermont and 2020 presidential candidate, will offer legislation today that is the most ambitious plan yet to address the nation's student loan debt. As first reported by the Washington Post, Sanders' plan will have no eligibility criteria and will be available to the nation's approximately 45 million student loan borrowers of both federal student loan and private student loans.

Sanders will announce the legislation with colleagues in the House of Representatives, including Representative Ilhan Omar (D-MN) and Pramila Jayapal (D-WA).

During his 2016 presidential campaign, Sanders proposed to make college tuition-free and debt-free. In 2016, he introduced legislation - the College For All Act - that would public colleges tution-free for students.

Sanders believes that:

  • Four-year public colleges and community colleges should be free - including tuition and fees - for everyone.
  • Federal student loan interest rates should be lower, and the federal government should not make a profit on student loans.
  • Student loan refinancing should be revamped to help save money for more borrowers.
Student Loan Debt Forgiveness: Who Pays

Sanders will fund his student loan forgiveness plan through a new tax on financial transactions, which he expects could raise more than $2 trillion over the next 10 years. The tax plan will include a 0.5% fee on all stock trades, a 0.1% fee on all bond trades and a 0.005% fee on all derivatives trades.

Comparison To Elizabeth Warren Student Loan Debt Plan

Senator Elizabeth Warren (D-MA) introduced legislation earlier this month to cancel student loan debt for more than 95% of borrowers, and would entirely cancel student loan debt for more than 75% of Americans with student loan debt. Warren believes that her plan would reduce the wealth gap in America and provide an economic stimulus to the middle class to increase home purchases and help start small businesses.

While the Sanders plan would cancel more student loan debt than Warren's legislative proposal, Warren's plan would:

  • Cancel $50,000 in student loan debt for every person with household income under $100,000.
  • Provide substantial debt cancellation for every person with household income between $100,000 and $250,000.
  • Not tax as income student loan debt that has been cancelled.
  • Also make private student loan debt eligible for cancellation.
  • Streamline the student loan debt forgiveness process using data and income information already available to the federal government.
Importantly, Warren's plan offers no student loan debt cancellation to borrowers with a household income above $250,000, which she says is the Top 5% of earners. There would also be "phase-outs" based on income. The $50,000 cancellation amount would phase out by $1 for every $3 in income above $100,000. According to Warren, for example, "a person with household income of $130,000 gets $40,000 in cancellation, while a person with household income of $160,000 gets $30,000 in cancellation."

Warren's campaign proposal included an Ultra-Millionaire Tax that would include a 2% annual tax on the 75,000 families in the U.S. who have at least $50 million in net worth. However, Warren has not indicated whether the legislative proposal would be funded in the same manner.

Student Loans: 2020 Presidential Candidates

Some of the 2020 presidential candidates have weighed in on the future of higher education, how to manage growing student loan debt, and how to pay off student loans faster. Candidates including President Donald Trump, U.S. Senator Bernie Sanders (I-VT), Mayor Pete Buttigieg (D-IN), U.S. Senator Kamala Harris (D-CA), U.S. Senator Kirsten Gillibrand (D-NY) and others have proposed everything from tuition-free college to student loan debt forgiveness to student loan refinancing and public service loan forgiveness.

https://www.forbes.com/sites/zackfriedman/2019/06/24/student-loans-bernie-sanders/#5e1266123fc2

If it's not retroactive back to the time I was financially molested and enslaved by the office of The Bursar then he can f*** himself.

#MeToo
 

interrobang

Well-Known Member
Aug 21, 2016
22,061
31,999
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So wouldn't some of those having their debt relieved be paying part of the taxes to do so?

Hey Bernie, how about you make college cheaper so students don't have to go into debt
 

crazyivan77

Well-Known Member
Dec 7, 2007
13,078
15,213
1
No, It’s paid with a Wall Street transaction tax.

Harvard has $38 BILLION in the bank. But it’s always someone else’s fault and they need to pay.

Your solution to accelerating healthcare costs is to limit access and cut off funding.
Your solution for accelerating educational costs is to pour fuel on the fire and give the educational complex a blank check to fleece students out of billions for useless degrees.
 

m.knox

Well-Known Member
Gold Member
Aug 20, 2003
106,374
60,219
1
No, It’s paid with a Wall Street transaction tax.

LOL... Didn't we have this discussion earlier?

The actual % "burden" of student loans to starting income hasn't changed all that much since the 80's. So what you are signaling is that individuals like my wife and I are somehow superior to current college graduates.

Thank you. I accept the compliment. In retrospect, the key to success is to be on time, give it your best effort and, ready for it? Care a little about what you are doing. I guess that is too much to ask today.

Do you know if THE BERN is going to make it retroactive to the 80's? I'll take a cool 20 grand (make it 30 grand if we talk about the amount we actually paid back).
 
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gjbankos

Well-Known Member
Jan 16, 2006
58,935
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Huh?

How you going to state otherwise? Are you writing out the details to the plan for Bernie?

Smh
Then how are you so confident the answer is no? The tax is a Wall Street transaction tax. These kids will be investing in stocks either directly or through retirement funds. The costs will be passed down to them. Therefore, these kids will be paying for the free college. The answer is clearly yes.

This isn’t difficult, untruthfullyyours.
 
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gjbankos

Well-Known Member
Jan 16, 2006
58,935
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LOL... Didn't we have this discussion earlier?

The actual % "burden" of student loans to starting income hasn't changed all that much since the 80's. So what you are signaling is that individuals like my wife and I are somehow superior to current college graduates.

Thank you. I accept the compliment. In retrospect, the key to success is to be on time, give it your best effort and, ready for it? Care a little about what you are doing. I guess that is too much to ask today.

Do you know if THE BERN is going to make it retroactive to the 80's? I'll take a cool 20 grand (make it 30 grand if we talk about the amount we actually paid back).
And add in interest. You could have put that money into Microsoft stock and it would be worth 50,000,000 by now.
 
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bdgan

Well-Known Member
May 29, 2008
61,066
37,481
1
Bernie Sanders: I Will Cancel All $1.6 Trillion Of Your Student Loan Debt


Student Loan Debt Forgiveness

Sanders, a U.S. Senator from Vermont and 2020 presidential candidate, will offer legislation today that is the most ambitious plan yet to address the nation's student loan debt. As first reported by the Washington Post, Sanders' plan will have no eligibility criteria and will be available to the nation's approximately 45 million student loan borrowers of both federal student loan and private student loans.

Sanders will announce the legislation with colleagues in the House of Representatives, including Representative Ilhan Omar (D-MN) and Pramila Jayapal (D-WA).

During his 2016 presidential campaign, Sanders proposed to make college tuition-free and debt-free. In 2016, he introduced legislation - the College For All Act - that would public colleges tution-free for students.

Sanders believes that:

  • Four-year public colleges and community colleges should be free - including tuition and fees - for everyone.
  • Federal student loan interest rates should be lower, and the federal government should not make a profit on student loans.
  • Student loan refinancing should be revamped to help save money for more borrowers.
Student Loan Debt Forgiveness: Who Pays

Sanders will fund his student loan forgiveness plan through a new tax on financial transactions, which he expects could raise more than $2 trillion over the next 10 years. The tax plan will include a 0.5% fee on all stock trades, a 0.1% fee on all bond trades and a 0.005% fee on all derivatives trades.

Comparison To Elizabeth Warren Student Loan Debt Plan

Senator Elizabeth Warren (D-MA) introduced legislation earlier this month to cancel student loan debt for more than 95% of borrowers, and would entirely cancel student loan debt for more than 75% of Americans with student loan debt. Warren believes that her plan would reduce the wealth gap in America and provide an economic stimulus to the middle class to increase home purchases and help start small businesses.

While the Sanders plan would cancel more student loan debt than Warren's legislative proposal, Warren's plan would:

  • Cancel $50,000 in student loan debt for every person with household income under $100,000.
  • Provide substantial debt cancellation for every person with household income between $100,000 and $250,000.
  • Not tax as income student loan debt that has been cancelled.
  • Also make private student loan debt eligible for cancellation.
  • Streamline the student loan debt forgiveness process using data and income information already available to the federal government.
Importantly, Warren's plan offers no student loan debt cancellation to borrowers with a household income above $250,000, which she says is the Top 5% of earners. There would also be "phase-outs" based on income. The $50,000 cancellation amount would phase out by $1 for every $3 in income above $100,000. According to Warren, for example, "a person with household income of $130,000 gets $40,000 in cancellation, while a person with household income of $160,000 gets $30,000 in cancellation."

Warren's campaign proposal included an Ultra-Millionaire Tax that would include a 2% annual tax on the 75,000 families in the U.S. who have at least $50 million in net worth. However, Warren has not indicated whether the legislative proposal would be funded in the same manner.

Student Loans: 2020 Presidential Candidates

Some of the 2020 presidential candidates have weighed in on the future of higher education, how to manage growing student loan debt, and how to pay off student loans faster. Candidates including President Donald Trump, U.S. Senator Bernie Sanders (I-VT), Mayor Pete Buttigieg (D-IN), U.S. Senator Kamala Harris (D-CA), U.S. Senator Kirsten Gillibrand (D-NY) and others have proposed everything from tuition-free college to student loan debt forgiveness to student loan refinancing and public service loan forgiveness.

https://www.forbes.com/sites/zackfriedman/2019/06/24/student-loans-bernie-sanders/#5e1266123fc2
Everybody who saved and paid their tuition / loans is a chump.
 

bdgan

Well-Known Member
May 29, 2008
61,066
37,481
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I guess I am.. Either that or I am "very special".... I choose the latter of course.... lol....
You have to pay your own tuition and the tuition for somebody else that didn't work and save. Besides, the other person went to an expensive private college to major in women's studies, can't find a job, and can't be expected to pay off their loans.
 

indynittany

Well-Known Member
Feb 21, 2005
5,675
6,822
1
Government fosters these bubbles and the federal reserve brings them to life.

I feel terrible for today's kids and particularly happy that my two graduated with no debt. $1.6 trillion is a bunch and it wasn't that long ago that it crossed the trillion mark. This tuition bubble is a problem that should be tackled. However, it won't be solved unless people understand the causes and, most importantly IMO, government accepts responsibility to the extent it is culpable.

If they don't get this right....and I find it unlikely that they will.....we may live to see West Halls converted to an assisted living facility. Which universities and colleges will be too big to fail?
 
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