Elizabeth Warren's Student Loan Debt Calculator Tells You How Much Of Your Debt Could Be Canceled If She's Elected President

Sen. Elizabeth Warren launched an online calculator Friday that determines how much student loan debt would be forgiven, per person, if she's elected as president in 2020.

The Massachusetts senator last week unveiled a plan to raise taxes to not only pay off debt for nearly 43 million people — up to $50,000 per student — but help provide free college tuition to students with the help from state governments.

Warren announced her online calculator on Twitter.

"I've got a plan to cancel student loan debt for 42 million Americans — and we've got a new calculator to help you figure out how much of your debt would be cancelled. Give it a try & tell us how much of your student loan debt will be cancelled. #CancelMyDebt," she wrote.

The debt calculator first asks "Do you have student loan debt?" Once the user answers "Yes," it asks what type of school the loan was for, whether junior college, four-year college, graduate school, trade or technical school or a job training program.

It then asks how much student loan debt is outstanding, and then asks what your income was last year.

For purposes of this report, an outstanding student loan debt of $45,000 to a four-year university was entered, along with a previous year income of $45,000. The results indicated that all of the student's remaining debt would be forgiven.

"Great news! You'll have all of your debt canceled under Elizabeth's plan.

"Elizabeth's plan isn't some pie-in-the-sky idea: It's a proposal that would make a tangible impact on millions of Americans' lives — and 100 percent of it would be paid for by Elizabeth's Ultra-Millionaire Tax. If this plan would be personally meaningful for you or someone you know, sign up to support the plan," a message on the website reads.

Warren's plan involves a wealth tax, which would mean a 2 percent raise on wealth above $50 million and a 3 percent raise on wealth above $1 billion.

"For two cents on the dollar, we could pay for universal child care, universal pre-K, universal college and knock back the student loan debt burden for about 43 million Americans and still have nearly, just short, of $1 trillion leftover," Warren told CNN. "It tells you how badly out of whack our economy is right now."

Warren has said her plan would eliminate student debt for 75 percent of Americans, and that it would invest $50 billion in Historically Black Colleges and Universities.

Warren is among 21 Democrats who have declared they will run for president in 2020.

Elizabeth Warren
Democratic presidential candidate U.S. Sen. Elizabeth Warren (D-MA) speaks at the National Forum on Wages and Working People: Creating an Economy That Works for All at Enclave on April 27, 2019 in Las Vegas, Nevada. Six of the 2020 Democratic presidential candidates are attending the forum, held by the Service Employees International Union and the Center for American Progress Action Fund, to share their economic policies. Photo by Ethan Miller/Getty Images
Elizabeth Warren's Student Loan Debt Calculator Tells You How Much Of Your Debt Could Be Canceled If She's Elected President | U.S.