How Much of Your Student Debt Will Senator Warren’s Cancellation Plan Eliminate?
If you’ve been paying attention to the news then you’re likely already aware that of all the 2020 Presidential Election Candidates’s Student Loan Plans, Elizabeth Warren’s offers the most financial assistance.
But now you can find out exactly how her plan to reform student debt will impact you, as she’s released a Student Loan Debt Cancellation Calculator, which allows you to enter parameters related to your debt, your household income, etc., and find out exactly how much forgiveness you’ll receive.
Check out Elizabeth Warren’s new Debt Relief Calculator at her official 2020 Campaign Website, here.
Information You’ll Need to Use Senator Warren’s Calculator
To use Elizabeth Warren’s Student Loan Debt Relief Calculator, make sure that you’re prepared to answer each of the following questions:
- Questions Used for Senator Warren’s Student Debt Calculator
- Do you have student loan debt? (Yes, No)
- What type of schooling did you take student loans out for? (2-year college, 4-year college, Graduate/professional school, Trade school, Technical School, Job training/certificate program)
- Approximately how much do you have in outstanding student loan debt? ($ Amount)
- What was your income last year on your tax return? ($ Amount)
After filling out the questions above, you’ll receive a response like the following:
For the sake of understanding how these numbers were calculated, I answered the questions above as follows: 1: Yes, 2: 4-Year College, 3: $100,000 in debt, 4: $75,000 income).
To find out how much Senator Warren’s debt relief plan will save you, simply load up her Calculator here, and enter your information.
What Are the Details of Senator Warren’s Plan?
How is Senator Warren’s debt reform plan is able to offer such huge savings? Because she’s proposing some absolutely massive changes to the way that Federal Student Loans are handled, including:
- Core Tenets of Elizabeth Warren’s Student Debt Proposal
- Cancel at least some percentage of Federal student loan for over 95% of borrowers
- Immediately elliminate $50,000 in debt for anyone with an annual household income under $100,000
- Discharge a percentage of outstanding student debt for borrowers with an annual household income between $100,000 and $250,000
- Not require anyone to pay any taxes on any of the forgiven debt (which is a radical departure from traditional forgiveness programs, where benefits ARE taxed!)
- Make at least some portion of Private Student Loans eligible for her forgiveness program; though details haven’t been released on this component yet
- Streamline data collection and approvals processes for receiving Federal Student Loan Forgiveness Benefits, which should increase the speed of approvals for Borrower’s Defense Discharges, PSLF Forgiveness, Closed School Discharges, etc.
To be entirely honest, Senator Elizabeth Warren’s Student Debt Proposal is the single most comprehensive, most effective student loan debt relief plan I’ve heard anyone in a position of power propose, ever.
But Before We Continue…
But before you get your hopes up about Senator Warren’s plan, let me make one thing quite clear: even if she were to get elected President, and she were able to get this plan passed into law (which is a long-shot), it’ll be YEARS until the financial benefits actually become available.
And it is not a good idea to simply sit around doing nothing about your student loans in the meantime.If you're truly struggling with student debt, then you should also consider paying a Student Loan Debt Relief Agency for help. Why? Because the people working at these companies deal with student loans all day, every day, and they're your best chance at figuring out how to get your loans back under control.
I've interviewed all sorts of debt relief agencies over the past 10 years, talking to all sorts of so-called "experts", and I can tell you that in all honesty I've only found two companies I trust to offer actual financial relief to people struggling with student loans.
For help with FEDERAL Student Loans: Call the Student Loan Relief Helpline at 1-888-906-3065. They will review your case, evaluate your options for switching repayment plans, consolidating your loans, or pursuing forgiveness benefits, then set you up to get rid of the debt as quickly as possible.
For help with PRIVATE Student Loans: Call McCarthy Law PLC at 1-877-317-0455. They will negotiate with your lender to settle your private loans for much less than you owe (typically about 40% your total outstanding balance), then get you a new loan for the much lower, settled amount so you can pay off the old deb, repair your credit and start making much lower monthly payments. NOTE: McCarthy Law can ONLY help with Private student loans, so please do not call them if you only have Federal loans.
If you do decide to call one of these companies and you have a bad experience with either of them, PLEASE make sure to come back and let me know about it in the Comments!
What Do I Think About Senator Warren’s Proposal?
I love the ideas that Elizabeth Warren has issued here, and I think that her plan is the best I’ve ever seen when it comes to resolving the wider Student Loan Debt Crisis, which continues to get worse with each passing day.
The one thing I see missing from her plan is some kind of a response to all the terrible things that Betsy DeVos and her friends at the for-profit schools, debt servicing companies and debt collections agencies have been doing in recent years, as I think they need to face the music for what they’ve been putting the average American borrower through.
Betsy DeVos’s Department of Education is completely out of control, and has been doing things ever since she got appointed by President Trump that harm ordinary American borrowers, who took out loans to get an education, but who are having their lives destroyed by financial torture.
What sorts of things have they done? Things like Hitting New Records in Student Loan Debt Collections Enforcement Activity, Purposefully Obstructing the CFPB’s Ability to Police the Student Debt Industry, Denying Over 99% of PSLF Applicants, and Delaying Borrower’s Defense Discharge Reviews for Over 2 Years, all of which are obvious signs that widespread corruption has taken root at DOE, and that the debt crisis will only continue to get worse as long as DeVos remains in control.
Fortunately, we’re starting to see signs that Senator Warren or perhaps some other Democratic Party Candidate may be able to unseat President Trump in the 2020 Election, and that would spell the end of Betsy DeVos’s rein of terror.
What Happens Next?
If we’re lucky, the American people will elect a Democratic Party Candidate for President in 2020, which would allow that new President to fire Betsy DeVos, and appoint a new Education Secretary.
Ideally, an Education Secretary who is not just qualified to lead DOE, but who also isn’t dead-set on helping the big banks, debt servicers and debt collectors continue to prey on ordinary Americans, trapping them in a never-ending cycle of inescapable student debt.
But there’s no way to be certain what will happen between now and the 2020 Election, and the only thing you can to do help before then is to lend your support to one of the Candidates proposing effective solutions to the student debt crisis.
I don’t mean to get so political on this site, but my personal recommendation is to look into the Student Loan Plans from Bernie Sanders, and Elizabeth Warren, who at this point are the leading candidates offering the best potential fixes for the student debt crisis.
Get Help for Your Federal Student Debt
Fortunately, while Betsy DeVos’s DOE has done everything they can to obstruct Federal benefits from being issued, some lucky borrowers are still receiving the relief that they deserve, and you can too!
Over the past decade, I’ve written over 100 articles explaining how to get assistance with the student loan repayment process, and you’ll find them in the many Guides I’ve constructed throughout this site.
To get Help with Federal Student Loans, check out my Guides on:
- Federal Student Loan Relief Programs
- Federal Student Loan Forgiveness
- Federal Student Loan Bankruptcy
- Federal Student Loan Consolidation
- Federal Student Loan Delinquency & Default
- The Federal Student Loan Rehabilitation Program
- Federal Student Loan Wage Garnishment
- Federal Student Loan Deferment
- Federal Student Loan Forbearance
- Federal Student Loan Repayment Plans
Help With Your Private Student Debt
To get Help with Private Student Loans, you’ll want to visit my Guides on:
- Private Student Loan Relief
- Private Student Loan Forgiveness Programs
- Private Student Loan Consolidation
- Private Student Loan Bankruptcy
- Private Student Loan Defaults
You’re virtually guaranteed to find some form of assistance after browsing through the Guides I’ve listed above, so be sure to put in the time researching your available options now, as that could end up saving you tens of thousands of dollars later!
Finally, Please Help Me Out!
Running this website is like having a second full-time job, and I can only continue to dedicate so much time to updating FSLD if people like you help spread the word that it exists!
If the content I wrote here helped you, then please share a link to it on Facebook, Reddit, Twitter or anywhere else that you communicate online.
Even emailing my site to your friends and family would help, as the more people who visit FSLD, the more time I can spend writing up Guides like this to help people like you!
Thank you for visiting, and thank you so much for your support.
Disclaimer:Information obtained from Forget Student Loan Debt is for educational purposes only. You should consult a licensed financial professional before making any financial decisions. This site receives some compensation through affiliate relationships. This site is not endorsed or affiliated with the U.S. Department of Education.