Bernie Sanders’ College Tuition-Free Bill Introduced

If you ask Bernie Sanders, college tuition should be free at all four-year colleges.

According to the USA Today, Sanders introduced his new bill, the “College For All Act”, which makes tuition at all four-year colleges and universities free for American students who qualify to go to college. Sanders’ bill calls for the cost of college, estimated at $70 million annually, to be covered by a combination of two-thirds paid by the federal government, and the remaining third by state governments.

For states to qualify for Sanders’ program, each state would have to meet a variety of requirements, including maintaining or increasing expenditures per student each year, doing the same with operational expenditures, and a guarantee that after five years on the program, at least 75 percent of all courses be taught by tenured or tenure-track professors.

Under Sanders’ bill, after taking federal grant money to pay off all college tuition, schools could then be able to increase student funding, provide professional opportunities for students, and hire new faculty.

Sanders’ bill also calls for all student loan percentage rates to go from 4.32 percent to 2.32 percent. Sanders’ bill would also allow current loan borrowers to refinance their loans so they may take advantage of the new interest rate.

Sanders’ bill comes at a time when college costs continue to rise out of control. This year, the federal governments’ senate and congressional budgets called for a reduction of $10 billion to the popular Pell Grant program. The $33.97 billion set aside for grants reflects a cut of $300 million from the previous year.

Al-Jazeera America is reporting that Sanders, who is running for president under the Democratic ticket, says it is about time for a change.

“It is a national disgrace that hundreds of thousands of Americans today do not go to college, not because they are unqualified, but because they cannot afford it,” Sanders said Tuesday at a news conference. “This is absolutely counter-productive to our efforts to create a strong economy and a vibrant middle class. This disgrace has got to end,” Sanders said.

According to Sanders’ bill, the federal funding would come from a special tax on Wall Street. Called the “Robin Hood” tax, stock trading, bond trading, and derivative trading would be taxed 0.5 percent, 0.1 percent, and 0.005 percent respectively. It is thought that this would not only be a progressive way to raise funding for the bill, it would also deter dangerous speculation.

Sanders’ bill cones on the heels of news that Hillary Clinton, Democratic presidential candidate, will soon propose a plan to help defray rising student loan debt. President Obama is joining the fray, recommending that all Americans can get two free years tuition at all community colleges. Sanders calls these an important step, but more will need to be done.

Sanders’ bill is not expected to pass.

[Image courtesy of Bill Moyers]