Thursday, June 4, 2015

2016 presidential candidate Bernie Sanders proposes bill that promises free college tuition

Daily Emerald
June 4th, 2015


Vermont Senator Bernie Sanders is one of the latest to announce his candidacy for the 2016 presidential election. A self-described Socialist, Sanders is making headlines with his more “radical” statements and initiatives than his big-name rival, Hillary Clinton.
Recently, Sanders proposed the “College for All Act”, an initiative that would eliminate undergraduate tuition costs at four year public colleges and universities.
Today, total tuition costs at public colleges and universities amount to about $70 billion dollars per year. Under the “College for All Act”, the federal government would cover 67 percent of national tuition costs, while individual states would be responsible for the remaining 33 percent of the cost.
Additionally, the bill would reform student loan interest rates. By restoring a formula that was in use until 2006, student loan interest rates would be nearly cut in half, dropping from 4.32 percent to just 2.32. In addition, the bill would ensure interest rates never rise above 8.25 percent.

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