Finance

Bloomberg’s plan to tackle the $1.7 trillion student loan crisis

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Democratic presidential candidate former New York City mayor Mike Bloomberg speaks during the Democratic presidential primary debate at Paris Las Vegas on February 19, 2020 in Las Vegas, Nevada.

Mario Tama | Getty Images

Michael Bloomberg, billionaire and former mayor of New York, is the latest Democratic presidential candidate to turn his attention to the country’s $1.7 trillion outstanding student loan balance.

“At its best, higher education serves as an engine of economic mobility and a pathway to the middle class,” the 78-year-old wrote in his $700 million proposal released this week. “Our system is not fulfilling that promise.”

Bloomberg would make community college free and double Pell…



Source cnbc.com

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