Majority of Americans Surveyed Favor Student Loan Forgiveness

Saving for education
Graduation cap on money. | Image from BrianAJackson

In the United States, many people are hoping the government will forgive some of the $1.7 trillion in unpaid student loan debt.

According to a December poll managed by Morning Consult, 62% of 2,000 registered voters surveyed support student loan forgiveness.

About 20% of voters in the survey felt all loan debt should be forgiven, while 15% said only balances for lower-income Americans should be erased.

An additional 16% of respondents said all Americans should have part of their student debt cleared, and 12% stated student debt should be partially forgiven for those with low incomes.

Another 30% think student loan forgiveness should not occur at all, while 10% were neutral.

According to the report, Millenials and Democrats were more inclined to the debt pardon. Meanwhile, Republicans and Baby Boomers were less likely to support forgiveness of student loans.

A recent study by Student Debt Crisis Center, the nation’s largest student debt advocacy organization, says that 89% of borrowers say they cannot afford to resume payments.

One of President Biden’s main missions while campaigning was to cancel $10,000 worth of student loan debt. He has requested the US Department of Justice and the Education Department to evaluate his plan to cancel student loans. He will wait on the reports before making any final decisions.

On Wednesday, President Biden announced, “my Administration is extending the pause on federal student loan repayments for an additional 90 days — through May 1, 2022.” He urged all student loan borrowers “to do their part as well: take full advantage of the Department of Education’s resources to help you prepare for payments to resume; look at options to lower your payments through income-based repayment plans; explore public service loan forgiveness, and make sure you are vaccinated and boosted when eligible.”

The forgiveness of all student loans could come at a price tag of over $1.7 trillion. The national debt is currently estimated at over $29 trillion in debt and the U.S. Government spending deficit is over $2 trillion.

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