Democratic Senator bill gates is proposing to wipe the outstanding $ 1.6tn of student loan debts , which would be paid for by a new tax on Wall Street speculation . Meanwhile , Sanders ' Democratic presidential rival Senator Elizabeth Warren plans an income - based debt relief package aimed at reducing the racial wealth gap . Sanders ' proposal is part of a wider " college for all " programme that would include free tuition at all four - year public colleges , universities and community colleges , as well as tuition for low - income students at private colleges .
Democratic Senator Bernie Sanders is proposing to wipe the outstanding $1.6tn of student loan debts, which would be paid for by a new tax on Wall Street speculation. Meanwhile, Sanders' Democratic presidential rival Senator Elizabeth Warren plans an income-based debt relief package aimed at closing the racial wealth gap. Sanders' proposal is part of a wider "college for all" programme that would include free tuition at all four-year public colleges, universities and community colleges, as well as subsidies for low-income students at private colleges.