How much money would you save under Warren's student debt relief plan? Here's the calculator.
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Senator Elizabeth Warren, a Democrat from Massachusetts and 2020 presidential hopeful, recently debuted an incredibly comprehensive and innovative approach to canceling (or at least, reducing) student loan debt. Given that 44.7 million Americans have a colleHow much money would you save under Warren's student debt relief plan? Here's the calculator.
Senator Elizabeth Warren, a Democrat from Massachusetts and 2020 presidential hopeful, recently debuted an incredibly comprehensive and innovative approach to canceling (or at least, reducing) student loan debt. Given that 44.7 million Americans have a collective $1.56 trillion in student debt, averaging to about $37,000 per person, Warren’s debt reduction proposal could literally change the lives of countless people. You might be wondering: Just how much can people save? That answer depends on your student loan debt amount and your income. Luckily, the senator has a calculator right on her website. Warren first promoted the online calculator when speaking at Iowa State University on Friday. She encouraged people to take out their phones right then and there and use the tool on her campaign’s website. «Anybody in here have student loan debt? Anybody in here know someone with student loan debt? Okay, I think we got almost everybody,» Warren said to the crowd. The calculator is pretty intuitive, but for the sake of clarity, I included screenshots of what it looks like, step-by-step. I did not use my personal information, but instead student debt averages. In this case, I used an average of $37,000 in student loan debt and the average income of $40,000. For the $40,000 average, I pulled from the Bureau of Labor Statistics and looked at the average salary of people between 25 and 34, as of 2017 reporting. Here’s what it looks like from the start. Read more