Sanders to propose canceling $1.6 trillion in US student debt

Sen. Bernie SandersBernie SandersWarren says making Israel aid conditional on settlement building is 'on the table' Warren says she will unveil plan to finance 'Medicare for All' Ocasio-Cortez says endorsing Sanders early is 'the most authentic decision' she could make MORE (I-Vt.) will reportedly unveil a bill Monday calling on all $1.6 trillion worth of U.S. student debt to be eliminated.

The Washington Post reports Sanders will propose the legislation Monday along with progressive Reps. Ilhan OmarIlhan OmarOcasio-Cortez says endorsing Sanders early is 'the most authentic decision' she could make Ocasio-Cortez: Sanders' heart attack was a 'gut check' moment Ocasio-Cortez tweets endorsement of Sanders MORE (D-Minn.) and Pramila JayapalPramila JayapalOvernight Health Care — Presented by National Taxpayers Union —Dem wants more changes to Pelosi drug pricing bill | Ebola outbreak wanes, but funding lags | Johnson & Johnson recalls batch of baby powder after asbestos traces found Overnight Health Care — Presented by National Taxpayers Union — House Dems advance drug pricing bill | Cases of vaping-related lung illnesses near 1,500 | Juul suspends sales of most e-cigarette flavors Warren faces tougher sell with 'Medicare for All' MORE (D-Wash.), who is co-chair of the Congressional Progressive Caucus.

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The proposal from Sanders adds to the debate over how to address the country’s mounting student debt crisis, as other 2020 Democratic presidential candidates have proposed their own plans.

Sanders’s plan calls on the federal government to completely clear the student debt of 45 million Americans while also calling for public universities, community colleges and trade schools to be tuition-free.

The proposal calls for the absolving of student debt for undergrad and graduate students.

A Wall Street tax that would reportedly raise more than $2 trillion over the course of 10 years would pay for the bill.

“This is truly a revolutionary proposal,” Sanders said, according to the Post. “In a generation hard hit by the Wall Street crash of 2008, it forgives all student debt and ends the absurdity of sentencing an entire generation to a lifetime of debt for the ‘crime’ of getting a college education.”

Sanders’s plan is more comprehensive than those of other presidential contenders, notably Sen. Elizabeth WarrenElizabeth Ann WarrenZuckerberg launches public defense of Facebook as attacks mount Warren, Yang fight over automation divides experts Warren says making Israel aid conditional on settlement building is 'on the table' MORE (D-Mass.), who earlier this year submitted the first major policy plan aimed at tackling student debt, calling for $640 billion in debt forgiveness.

Sanders is set to present the legislation Monday morning, the campaign announced in an email release.