On Monday, Washington State Congresswoman Pramila Jayapal and Vermont Senator and former presidential candidate Bernie Sanders introduced the College for All Act, a bill to make public universities and colleges tuition-free for "working families" with the aim of reducing student debt. Sens. Sanders and Elizabeth Warren (D-Mass.) proposed the bill in the Senate on Monday, while Reps. Jayapal and Keith Ellison (D-Minn.) plan to introduce a bill in the House on Wednesday, the International Business Times reports.

Should the bill pass, students from families making up to $125,000 would qualify for waived tuition at four-year public universities and colleges, while community colleges would be free to everyone.

“Our young people are forced to make untenable choices: Going to college and taking on mountains of debt, or foregoing their college degree to work part-time or minimum wage jobs that simply won’t allow them to build a future,” Rep. Jayapal said in a statement. “The College for All Act renews our compact with our young people. We’re going to piece back together the broken promises of a broken American Dream, and give back hope and opportunity to the middle class and working families across this country.”

The bill appears to be the reincarnation of Sen. Sanders' and Hillary Clinton's platform promises during the 2016 presidential election.

“Higher education in America should be a right for all, not a privilege for the few," Sen. Sanders said in a statement.

Those already suffering through monthly student loan payment weren't left out.

The College for All Act would also reduce crushing student loan debt – which now exceeds credit card debt – for students and parents. The bill would cut all student loan interest rates for new borrowers in half; enable existing borrowers to refinance their loans based on the interest rates available to new borrowers – less than 2 percent for federal loans made to undergraduates; and prevent the federal government from profiting off the student loan program. ...

Today, the average student takes on over $30,000 in debt to get a bachelors degree from a four-year college or university. In addition to eliminating tuition, the College for All Act would substantially reduce student debt by allowing existing federal aid to cover the cost of books, housing, transportation and the other costs of college; require the states and tribes participating in the program to cover the full cost of college for their poorest student; and increase federal investment in work study programs.

“If we are to succeed in a highly competitive global economy and have the best-educated workforce in the world, public colleges and universities must become tuition-free for working families and we must substantially reduce student debt," Sen. Sanders said.

So far, the bill has garnered support from a number of Democratic legislators. In the House, Reps. Bobby Scott (D-Va.), Keith Ellison (D-Minn.), Raul Grijalva (D-Ariz.), Rick Nolan (D-Minn.), Barbara Lee (D-Calif.), Mark Pocan (D-Wisc.), Sheila Jackson Lee (D-Tex.), Ro Khanna (D-Calif.), Eleanor Holmes Norton (D-D.C.), Nydia Velázquez (D-NY), John Conyers (D-Mich.), Jamie Raskin, (D-MD), David Cicilline (D-RI), Peter Welch (D-Vt), and Grace Napolitano (D-Calif.) announced their support of the bill. In the Senate, Kamala Harris (D-Calif), Richard Blumenthal (D-Conn.), Kirsten Gillibrand (D-NY) and Chris Murphy (D-Conn.) joined co-sponsored legislation.

Should the bill pass, it would cost about $600 billion, which would be paid for by imposing a small "Wall Street speculation tax of just 0.5 percent on stock trades, a 0.1 percent fee on bonds and a 0.005 percent fee on derivatives." The tax would raise the $600 billion in about a decade.

But don't rejoice just yet. The likelihood of this bill making it through the Republican-controlled House and Senate seems slim, if we're being even vaguely optimistic. Here's how presidential candidate Trump felt about free education just last year: