Senator Bernie Sanders. (photo: Getty)
Michael Sainato | Observer | Reader Supported News | August 1, 2015
College students are swimming in red ink and it’s hurting America
n May 19, 2015, Bernie Sanders introduced a bill to make all 4-year public college tuition free. Under the proposed legislation, the $70 billion a year awarded in assistance in the form of federal student loans and grants would be paid for through taxes on Wall Street transactions.
But, that’s not all. The bill would also simplify the student financial aid process, expand federal work-study programs, and reduce and cap interest rates on student loans.
The bill comes at a time of soaring college tuition rates as federal assistance is consistently declining.
Senator Sanders has announced his stance on this issue in numerous media appearances. This is a glimmer of hope to those with college degrees in wallowing job markets and burdening student debts, which is over $1 Trillion and counting, in America, while the Congressional Budget Office predicts that the student loans the government will make over the next decade will ultimately yield $135 billion over the term of those loans as graduates pay back their debt with interest.