Well, sure, they took on the debt. They agreed to repay money they borrowed to attend college. But gee, those debts are big, and it will take a long time to pay off, so is it fair that all those “suffering” with student loan debt be burdened with the cost?
Presidential hopeful Senator Bernie Sanders (I-VT) doesn’t think so, and he has a plan to liberate them.
By simply charging investors 0.5% on every stock transaction and 0.1% on every bond transaction, he’ll raise $2.4 trillion over the next decade, which will be used not only to pay off the entire book of student loans at $1.6 trillion, but also to make all public two- and four-year colleges free.
Wasn’t that easy? Just take money from people who’ve been saving and living within their means and investing in their future, and give it to people who struck a deal and now don’t want to live by it. Simple!
When unveiling his bill, Sanders said:
“This proposal completely eliminates student debt in this country and ends the absurdity of sentencing an entire generation, the millennial generation, to a lifetime of debt.”
But there’s the rub. Those with student loans weren’t sentenced to anything. They signed up. They could’ve chosen less expensive universities, or saved money before attending, or any number of methods to pay for college with little or minimal debt.
And Sanders’ plan doesn’t distinguish among debt holders. He treats doctors and lawyers from Harvard with six figures of debt the same as a first generation undergrad carrying $8,000 in debt.
But hey, it’s big and bold, so why not?