But of all the Democrats calling for debt-free college — including US Sen. Elizabeth Warren (D-Massachusetts) and former Maryland Gov. Martin O’Malley — only Bernie Sanders has laid out a detailed plan that explains how he will finance the legislation, Inside Higher Ed reported on Friday.
“At a time of massive income and wealth inequality, at a time when trillions of dollars in wealth have been shifted from the middle class and working families of this country to the top one-tenth of one percent, at a time when the wealthiest people in this country have made huge amounts of money from risky derivative transactions and the soaring value of the stock market, this legislation would impose a speculation fee on Wall Street investment houses and hedge funds,” he said.
Of course, Sanders hasn’t mentioned that the reason why auto loan rates are lower than student loan rates is because of something called collateral. A car can be re-possessed if you fail to make your payments. But if you fail to pay off your student loans, it’s not like anyone can re-possess your brain.