Senator Elizabeth Warren is still doing all of America’s homework and then some, and she now even has a handy calculator that can estimate how much simpler life will be under her administration.
On Friday, Warren’s campaign unveiled an interactive tool that lets users determine in a matter of seconds how much of their outstanding student loan debt would be cancelled under her most recent policy proposal. You have a 75% chance of learning that, under Warren’s plan, “YOU’LL BE DEBT-FREE” if you have this kind of debt and a few extra keystrokes.
On her website, the candidate claims that her program would forgive up to $50,000 worth of student loan debt for more than 95% of those who currently owe it. The plan would cost $1. 75,00 families will be impacted by the “Ultra-Millionaire Tax,” a 2 percent tax on wealth over $50 million that will be used to pay for 25 trillion over ten years. The full proposal, outlined in a Medium post, also calls for setting up a fund for historically black colleges and universities (HBCUs) and investing an additional $100 billion in Pell Grants (need-based federal grants intended to help low-income students).
Although some Democratic presidential candidates have stated their support for tuition-free or debt-free higher education, none have presented a plan as thorough or as eager to eliminate student loan debt as Elizabeth Warren’s. She has a calculator that proves it. While Joe Biden is giving monster hugs and Pete Buttigieg favors refinancing student loans.
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FAQ
What is the monthly payment on $100000 student loan?
For instance, if your goal is to pay off $100,000 with a combined interest rate of 6% in 10 years, 8%, your monthly payment would be approximately $1,151. If you refinanced to a new $100,000, ten-year loan with a four 25% interest rate, you’d have a monthly payment of $1,024.
Will student loans be paused again after August 2022?
Before payments resume, borrowers of federal student loans — as well as the courts — have more time to understand the debt forgiveness process. The payment pause has been extended through June 30, 2023.
What is the monthly payment on a $30000 student loan?
For instance, your monthly payment would be $348 if you had $30,000 in student loans with a 10-year term and 7% interest.
Are student loans removed after 7 years?
The student loans themselves will remain on your credit reports — and in your life — until you pay them off, even though negative information about your student loans may disappear from them after seven years.