Indiana State University students react to Democratic student loan forgiveness proposals

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The notion of ‘universal education’ or lack of student loan debt is popular among collegiate voters.

However some are wondering how Democratic officials plan to pay for tuition for those seeking higher education.

Electrical engineering student Jonathan Goodman works three jobs to pay for tuition at Indiana State University.

Senators Bernie Sanders and Elizabeth Warren are both creating proposals that would cancel student loan debt.

“You know having a bill like this go through would mean I could actually focus on my studies and purely my studies,” said Goodman.

According to Sanders, 45 million Americans will be relieved of the financial burden via his College for All Act.

This would cancel $1.6 trillion of debt and save the average borrower about $3,000 a year.

But seniors like Jordan Halsema are concerned about who will be paying for tuition.

“I know somewhere somehow probably taxpayer money will have to go into that,” she explained. “Some sort of class rank.”

Warren’s plan proposes canceling amounts of debt depending on a household’s yearly income.

For those making less than $100,000 a year, $50,000 of student loan debt will be canceled according to Warren.

This would impact students and families who payed for tuition with Parent Plus loans.

“My parent had to help me get a loan because I myself couldn’t do that,” said Halsema.

Warren says those who make more than $250,000 a year will not be eligible for loan forgiveness, while Sanders is extending his College for All Act to everyone.

This week, Sanders filed his own plan, which includes taxing Wall Street earnings to pay for tuition for all.

His plan would work by placing a 0.5 percent tax on stock trades, a 0.1 percent fee on bond trades and a 0.005 percent fee on derivative trades.

The Associated Press said questions face both Sanders and Warren about how to pay for the debt elimination, plus their proposals for free tuition for all.

Editor’s Note: An earlier version of this story reported there was not a plan to pay for Sen. Sander’s proposal; however, he has released his plan on his website. The AP has reported questions remain about how to pay for this and for Sen. Warren’s plan.

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