Sen. Bernie Sanders (I-Vt.) and Rep. Pramila Jayapal (D-Wash.) introduced legislation on Wednesday to make college tuition free for many Americans, a policy that would be paid for by a tax on Wall Street. 

The bill would make community college tuition-free for everyone and four-year public colleges tuition-free and debt-free for students from families making up to $125,000 per year. 

"In the 21st century, a free public education system that goes from kindergarten through high school is no longer good enough. The time is long overdue to make public colleges and universities tuition-free and debt-free for working families," Sanders said in a statement.

Jayapal, who chairs the Congressional Progressive Caucus, added that the bill would "free students from a lifetime of debt, invest in working people, and transform higher education across America."   

The bill would also allow students from families who make up to $125,000 per year to attend private, nonprofit minority-serving institutions tuition-free such as historically Black colleges and universities.

And it would double the maximum Pell Grant to $12,990, which can be used for living and nontuition expenses, and would expand eligibility to "Dreamers," immigrants brought into the country illegally as children.