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Sen. Bernie Sanders introduces bill to make college free and have Wall Street pay for it

Free college could soon be a reality for many Americans.

Sen. Bernie Sanders, I-Vt., and Rep. Pramila Jayapal, D-Wash., on Wednesday introduced the College for All Plan, legislation that would make a college education free for millions and lend extra support to those from working-class families attending minority institutions.

"In the wealthiest country in the history of the world, a higher education should be a right for all, not a privilege for the few," Sanders said in a statement. "If we are going to have the kind of standard of living that the American people deserve, we need to have the best educated workforce in the world."

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The proposal comes amid a continuing debate over canceling student loan debt.

President Joe Biden said during his presidential campaign that he would support eliminating $10,000 in federal debt per borrower, and now he's tasked his secretary of Education with preparing a report on his legal authority to forgive up to $50,000.

"While President Biden can and should immediately cancel student debt for millions of borrowers, Congress must ensure that working families never have to take out these crushing loans to receive a higher education in the first place," Jayapal said.

Americans currently owe a total of more than $1.7 trillion in student loan debt, 93% of which is federally backed.

The details

The plan would provide tuition-free education for all students attending community colleges and public trade schools.

For students from families making less than $125,000 annually, tuition would be erased at public four-year colleges and universities, as well as public and private historically Black colleges and universities and other minority-serving institutions.

An annual $10 billion federal investment would be established to provide ongoing support to students at such underfunded institutions.

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