President Joe Biden (Photo by Drew Angerer/Getty Images)
A new poll shows that 64% of respondents support student loan forgiveness.
Here’s what you need to know.
A new, national tracking poll from Morning Consult and Politico shows how approximately 2,000 registered voters feel about student loan forgiveness. Let’s explore.
When asked if the federal government should forgive student loans, here were the responses:
Let’s break down some key observations about student loan forgiveness. (Biden still considering wide-scale student loan cancellation). First, 64% of respondents collectively support at least some amount of student loan forgiveness. Second, for respondents who prefer to cancel student loans, “cancel all student loans for all student loan borrowers” received 19%, which is the highest percentage of support. Third, 32% prefer total student loan cancellation for either all student loan borrowers or lower-income student loan borrowers only. (Biden dropped student loan cancellation from his annual budget). Fourth, 32% of respondents support some student loan cancellation, including for all student loan borrowers and lower-income borrowers. Fifth, 29% of respondents don’t want any student loans canceled, which is the single highest of any of the answer choices. From a legislative perspective, Sen. Bernie Sanders (I-VT) supports total student loan cancellation of all $1.7 trillion of student loan debt. (Senator: Cancel all student loans). While he has proposed legislation, Congress doesn’t support it. One question that is missing in this poll is whether some student loans should be canceled for some student loan borrowers who don’t earn a low income. For example, Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) support this approach, and their plan would cancel up to $50,000 for student loan borrowers who earn up to $125,000 annually. (Here’s who won’t qualify for $6.2 billion of student loan cancellation).
When asked how important of a priority it is for Congress to pass legislation to provide student loan relief, here are the responses:
First, respondents were roughly divided in their support for Congress to pass legislation on student loan relief. Second, 25% of respondents said there should be no legislation on student loan relief for student loan borrowers, which was the single highest response to this question. (Student loan cancellation and the student loan payment pause are confusing. Here’s what to know).
President Joe Biden extended the student loan payment pause for the fourth time during his presidency. (Student loan payment pause: 5 questions). Progressive Democrats have called this student loan relief through August 31, 2022 an essential financial lifeline during the Covid-19 pandemic. Republicans in Congress have labeled the continued student loan payment pause as fiscally irresponsible and bad public policy. When asked if they supported or opposed the extension of student loan relief, 53% of respondents either strongly or somewhat support the extension. In contrast, 36% either strongly or somewhat oppose the extension of the student loan moratorium. (Biden could extend the student loan payment pause forever).
Federal student loan payments are scheduled to restart beginning September 1, 2022. If Biden cancels student loans, it could happen before November. However, student loan cancellation may look different than you expect. If there is any student loan cancellation (which isn’t guaranteed), it could be limited to certain student loan borrowers such as those who are “struggling financially” or earn a lower income, however that may be defined. For now, your best strategy is to prepare for student loan repayment. Here are some smart ways to get ahead and save money: