S.1947: College for All Act of 2019

The College for All Act (S. 1947) would provide new funding for states to make all public colleges and universities tuition and fee-free. Under this bill, the federal government would cover 67 percent of the cost, with states and tribes being responsible for picking up the remaining 33 percent by creating a partnership grant program to provide $48 billion annually to states for the purpose of eliminating undergraduate tuition and fees at public institutions. The bill would also cancel $1.6 trillion in student debt for 45 million Americans. Aditional, the bill would provide $1.3 billion annually year to eliminate or significantly reduce tuition and fees for low-income students at two-and four-year, private nonprofit Historically Black Colleges and Universities (HBCUs) and private nonprofit Minority Serving Institutions (MSIs) that serve a student body that is composed of at least 35 percent low-income students.

The $2.2 trillion costs of the bill would be paid for with a Wall Street transaction tax of 0.5 percent on stock trades, a 0.1 percent fee on bonds, and a 0.005 percent fee on derivatives.

H.R. 3472 is the House companion bill introduced by Rep. Pramila Jayapal