What Free College And Canceling Student Debt Would Do for the Economy.

How removing this massive burden could affect the day to day lives of average Americans and their overall economic health.

Photo by Vasily Koloda on Unsplash

Thanks largely to Elizabeth Warren and Bernie Sanders, the staggering student loan debt of 1.6 trillion dollars has been a critical issue that democratic presidential nominee hopefuls have been compelled to acknowledge. Warren led the charge, and released a plan in which she established a means-based system that would determine how much student loan debt the government would cancel, eliminating at least some portion of debt for 95% of the people affected by the burden. Bernie Sanders being Bernie of course rose to the challenge, and released his own plan with Representatives Ilhan Omar and Pramila Jayapal that cancelled all of the student loan debt across the board. Both plans would also make public college tuition free. When discussing Bernie’s plan, CNN states:

“The new legislation would cancel $1.6 trillion of student loan undergraduate and graduate debt for approximately 45 million people. His ambitious plan has no eligibility limitations and would be paid for with a new tax on Wall Street speculation.

The proposal goes further than the plan previously unveiled by his…