The recently graduated college class of 2015 left school with an average of $35,000 worth of student loan debt -- the highest amount of any graduating class yet. [SOURCE] If a student seeks to attend graduate school, they may very well leave with over $57,600 in debt. A quarter of graduate students graduate with an outlandish $150,000 in debt.
What is Bernie Sanders’ approach to the United States’ student loan crisis? Free college. While scoffed at by many today, college was typically free or very inexpensive not even thirty years ago. The University of California system was tuition free until the early 1980s.
On his website, Sanders outlines his plan in six steps.
- Make public colleges and universities tuition free.
- Stop the federal government from making a profit off student loans.
- Cut student loan interest rates.
- Allow students to refinance their current loans at the lowest possible interest level.
- Allow students to use need-based financial aid and work study programs to make college debt-free.
- Fully paid for imposing a tax on Wall Street speculators.
Other countries, such as Germany last year, have begun making public universities and colleges free institutions. By creating a system that is focused more on grades and less on profits, going to college -- which for many low income students seems more like a fantasy and less of a tangible option -- can become a reality for more students, without the fear of immobilizing student debt.
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