Sen. Bernie Sanders (I-VT) (Photo by Sean Rayford/Getty Images) Here’s how Bernie Sanders will pay for $1.6 trillion of student loan forgiveness. Here’s what you need to know. Student Loan Forgiveness Sanders wants to forgive all $1.6 trillion of outstanding student loan debt , including both federal and private student loan debt. Sanders’ student loan forgiveness plan has no eligibility requirements; all 45 million student loan borrowers are eligible for student loan discharge. Sanders believes that among other benefits, student loan forgiveness would help millions of borrowers lead a better financial life and stimulate the economy. For example, student loan forgiveness can help borrowers buy a home, save for retirement, launch new businesses, and start a family; and reduce the wealth gap and provide economic stimulus to the middle class. So, how will Sanders pay for his student loan forgiveness plan? Cancel Student Loans Plan: How Sanders Will Pay Sanders says that his tuition-free public college plan and his student loan forgiveness plan will cost an estimated 2.2 trillion. To pay for these plans, Sanders would institute a “Wall Street speculation tax” that will raise an estimated $2.4 trillion over the next ten years. The “speculation tax” would work […]

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