A new poll shows that young voters want President Joe Biden to cancel student loans for everyone.
Here’s what you need to know.
According to a new tracking poll released Wednesday, a large, bipartisan majority of younger likely voters support student loan cancellation for all student loan borrowers. The Student Borrower Protection Center, a non-profit advocacy organization, and Data for Progress, a progressive think tank and polling firm, polled voters ages 18 to 34. Here’s the data:
- 71% of respondents support wide-scale student loan cancellation;
- 18% oppose wide-scale student loan cancellation;
- 81% with student loans support broad student loan cancellation;
- 66% without student loans support broad student loan relief;
- 56% of Republicans, 66% of independents and 84% of Democrats support partial or total student loan cancellation for all student loan borrowers.
“Younger voters put Joe Biden in the White House on the promise of broad relief from the crushing burden of student debt,” Mike Pierce, executive director of Student Borrower Protection Center, said. “As the country recovers from a devastating pandemic and economic crisis, younger voters across the political spectrum are clear in their expectations for the Biden-Harris administration: building back better means canceling student debt for all borrowers.”
Student loan cancellation: closer than ever
Currently, Biden is considering whether to cancel student loans for millions of student loan borrowers. Progressives in Congress have been lobbying Biden to cancel up to $50,000 of student loans. They have argued that if Biden fails to cancel student loans through executive action, then likely Democratic voters may be less likely to vote in the midterm election in November. As a result, progressives have warned Biden that Democrats could lose control of Congress. Biden has supported wide-scale student loan forgiveness of up to $10,000 since his 2020 presidential campaign. As a candidate, Biden campaigned on student loan forgiveness for all borrowers as well as student loan relief for many student loan borrowers who attended community colleges, Historically Black Colleges and Universities (HBCUs) and Minority-Serving Institutions (MSIs). A coalition of more than 415 civil, social and professional organizations have urged Biden to act on wide-scale student loan relief. In particular, supporters of student loan cancellation want Biden to implement student loan forgiveness before temporary student loan relief from the Covid-19 pandemic expires on August 31, 2022. (Student loan forgiveness could mean the end of student loan relief).
Biden could announce student loan forgiveness within weeks
Biden is potentially weeks away from announcing one of the most important initiatives of his presidency. While there is no guarantee that Biden will cancel student loans, Biden could weigh several factors in reaching a final decision. For example, Biden could weigh public sentiment, student loan forgiveness to date, the state of the economy, disparities in student lending and other factors. While this data only represents one poll and one segment of the population, it could send a message to the president about how at least some young people feel about student loan forgiveness. With the end of temporary student relief from the Covid-19 pandemic approaching, make sure that you understand your best options for student loan repayment. That said, there’s no guarantee that any or all of your student loans will get canceled. Here are some smart ways to save money and get debt-free:
- Student loan refinancing (lower interest rate + lower payment)
- Income-driven repayment (lower payment)
- Student loan forgiveness (federal student loans)