Majority of Americans Support Forgiveness of $10,000 in Student Loan Debt
However, the results also showed that fewer Americans support forgiving up to $50,000 (47%) in student loans and forgiving all student loan debt (41%). Additionally, about four in ten respondents support extending the current federal loan suspension without canceling any loan debt (42%) and ending the loan suspension now without canceling any loan debt (41%) .
The results further indicate that a large majority of those with student loans support each of the three proposals the survey asked about: cancel $10,000 of student debt (84%), $50,000 of student debt (78%) and all student debt (68%). ).
For more than two years, millions of borrowers have taken advantage of the moratorium on federal student loan repayments. However, if the current break is not extended for a seventh time, it appears borrowers will be required to start payments from September.
“Among those with student loan debt, the majority say they don’t repay their loan during the break,” the Ipsos poll says.
“When asked what they were able to do instead, the most common actions are those that give them some financial respite: making it easier to afford the essentials (food, rent, gas, etc. .), pay off other debts, and put money into savings,” he continued.
Meanwhile, President Joe Biden has said he is considering moving forward with widespread student loan forgiveness. For months, some Democrats have been pushing Biden to sign cancellation of $50,000 of student loan debt per borrower, but the president has remained firm in his stance that he will not go higher than his campaign promise of $10,000 per borrower.
‘I’m looking at facing debt reduction,’ Biden told reporters at the White House in May. “I’m not looking at a $50,000 debt reduction. I am carefully considering whether or not there will be further debt forgiveness and will have a response on this in the coming weeks,” he continued.
Since taking office, Biden has forgiven nearly $26 billion in student loan debt for more than 1.3 million borrowers. Despite these actions, the country’s student loan debt still stood at around $1.75 trillion in April, according to Data compiled by the Federal Reserve Bank of St. Louis.
Last month, the Biden administration announced it would forgive federal student loan debt for about 200,000 borrowers — a total of $6 billion — who claimed in a class action that they have been cheated and misled by their schools.
This regulation follows another announcement earlier last month that the Department of Education would forgive the remaining $5.8 billion in student loan debt for 560,000 borrowers who attended schools run by Corinthian Colleges.
Ethen Kim Lieser is a Washington State-based finance and technology editor who has held positions at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow him or contact him on LinkedIn.