Good news for undergrads. Senator Bernie Sanders has officially issued a bill that would cut down the expenses of tuition fees of undergraduate college students. The bill, titled “College for All Act,” would eliminate $70 billion tuition fees of four-year public colleges and universities.
The legislation introduced by Sanders would not only cut down the expenses of education of undergraduates at public colleges, study programs and private universities, but would also propose to cut down the interest rates on federal student loans, which would stop the government to earn profit by lending education loan to young students.
“We once led the world in the percentage of our people with a college degree, now we are in 12th place,” Sanders said. “Countries like Germany, Denmark, Sweden and many more are providing free or inexpensive higher education for their young people. They understand how important it is to be investing in their youth. We should be doing the same.”
Bernie Sanders has estimated the total cost of free education at around $70 billion, almost $10 billion more than president Obama’s proposal for free community college.
“A .5 percent speculation fee will be charged on investment houses, hedge funds, and other stock trades. Additionally, a .1 percent fee will be charged on bonds, and a .005 percent fee will be charged on derivatives,” Sanders proposed.
To meet the criteria for federal funding, states have to meet certain norms. Spending on higher education systems has to be maintained by reducing dependence on low-paid add-on faculty, hiring new faculty and offering professional growth for professors.
But Iris Palmer, a senior policy analyst at the New America Foundation, has the feeling that to meet the requirements, certain levels of enforcement and fulfillment should be achieved.
“What happens at the next recession when the money from Wall Street drops and the number of students enrolling in college swells? How could a program like this be sustained?” Palmer asked. “And how would you keep institutions from consistently increasing what they say it costs to educate a student?”