Presidential candidate Bernie Sanders says that he believes Americans deserve the best educational system in the world, as the global economy gets more competitive with each passing year. In fact, he believes education to be the utmost necessity in this day and age, and desires to greatly improve the system we now have in place. The main problem, according to Sanders, is the financial problems that prevent many talented young Americans from attending college. The burden of college loans is too big, he says, and we need to modify the system so that Americans can study without burying themselves in debt.
If Sanders becomes President, his plan will be to enable every talented and hard-working young person to attend college. Income should not be a decisive factor when it comes to higher education and people should not leave colleges with massive debt on their shoulders. In order to make college debt free Bernie Sanders will take six steps.
First, tuition will be made free at all public colleges and universities. This will serve the purpose of encouraging talented young people to go to college. Germany, Sweden, Finland, Norway, and Chile all did and had terrific results. The United States will gain an educated workforce and rid the large portion of population of crippling student loan debts.
Although this seems like a radical idea, the truth is that many American schools used to do that not so long ago. The University of California, for example, had free tuition up until the 80s. Many top colleges and universities in the country offered free tuition, and Sanders plans to reinstitute that practice in the educational system.
Next, he plans on preventing the government from profiting on student loans. It is estimated that the federal government will make over $110 billion dollars in profit from student loans. Bernie Sanders plans to prevent that kind of behavior as it severely harms the young men and women whose desire is to attend college. Besides the practice of federal government profiting on students being morally wrong, Sanders says that it cripples the economy too.
Still, people will want to take out college loans. For them, Sanders plans to cut down interest rates so they are on the same level as they were in 2006. That would make them acceptable and borrowers could comfortably pay out the interests with paychecks they receive from their post college jobs.
If Sanders becomes President, Americans will also be able to refinance student loans at lower interest rates. Today, people can get a car loan interest rate at around 2.5%, but college graduates have interest rates as high as 5 to 7%. To Sanders, that makes no sense, and he is determined to allow Americans to refinance their student loans at the low interest rates of today.
Bernie Sanders’ plan necessitates colleges to provide complete funding for low-income students. All their financial needs would be met and payed by the educational institutions, and could use state, college and federal financial aid to pay for rooms, books, and other expenses. He would establish a policy that more than triples the federal work-study program aimed at building career experiences after graduation.
Sander’s plan will require financing, and he says that it will be fully paid for by introducing a tax on Wall Street market speculators. Sanders says that the need for endorsing a tax on Wall Street speculation is high. More than one thousand economists are endorsing it and countries all around the world are beginning to implement it to their systems. Britain, China, France, Germany, and Switzerland all benefit greatly from a similar tax, which is used to put other crucial plans in motion. While the need for even the best student loans would greatly decrease, it is hard to predict the economic effects.
Bernie Sanders says that Wall Street speculators nearly destroyed the economy seven years ago, but the tax payers bailed them out. If they could do that, Americans can certainly make public colleges and universities, and their graduates, debt free.