Sanders unveils sweeping plan to wipe out college debt, costs

June 24 (UPI) -- In perhaps the boldest plan yet on tackling college debt, 2020 Democratic hopeful Bernie Sanders unveiled a plan Monday to wipe out all $1.6 trillion in college student debt, regardless of income status.

Under Sanders' plan, new taxes on Wall Street would pay off student debt. The self-described socialist-Democrat brought the issue of college-debt and tuition-free higher education to the forefront during his 2016 presidential campaign. This year, he, candidate Elizabeth Warren and others are introducing their own plans to address the issue.

The Vermont senator called the plan the "College for All Act," which would free about 45 million Americans from debts stemming from higher education.

"This is truly a revolutionary proposal," Sanders told The Washington 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' plan would make two- and four-year public institutions -- as well as trade schools and apprenticeship programs -- entirely tuition-free.

Warren revealed her own student debt plan in April, which would set income eligibility levels. She said the plan would be an "enormous middle-class stimulus" that would boost economic growth, increase home purchases and create more small businesses.