Survey Finds Almost Half of Voters Support Student Loan Forgiveness in 2024 Election
Written by: V. Wolf
A recent survey has revealed that almost half of all voters, 48% to be precise, consider canceling student loan debt as an important issue in the upcoming 2024 presidential and congressional elections.
Among younger voters, 70% of Gen Z respondents expressed that canceling student loan debt was "very" or "somewhat" important in the election. Additionally, 72% of Black voters and 68% of Hispanic voters shared the same sentiment.
The survey conducted by SocialSphere, a research and consulting firm, included 3,812 registered voters, with a focus on Gen Z and millennial respondents. The results highlight the widespread belief among voters that taking on loans to pay for education should not result in a lifetime burden of debt.
John Della Volpe, CEO of SocialSphere and director of polling at the Harvard Kennedy School Institute of Politics, emphasized the significance of the findings, stating, "This survey shows that most voters, regardless of age, believe that taking a loan to pay for education should not result in a lifetime of debt." The report was released by Protect Borrowers Action, an advocacy group.
Currently, outstanding education debt in the United States stands at approximately $1.6 trillion, surpassing credit card and auto debt. The average loan balance at graduation is around $30,000, and even before the payment pause enacted during the Covid pandemic, a quarter of borrowers were already behind on their payments.
The survey also revealed that 73% of voters believe the government should take some form of action on student loan debt, with 50% supporting partial or complete loan cancellation. Among Gen Z and millennial Democrats, 81% of voters surveyed favored loan forgiveness.
Surprisingly, even among young Republicans, 49% of Gen Z and millennial respondents believed that some or all outstanding education debt should be erased. This shift in conservative support for student loan cancellation marks a departure from historical partisan divisions on the issue.
However, the survey found that debt cancellation is less of a priority among older generations, with only 37% of baby boomer and silent generation voters considering the issue important in the upcoming elections. Additionally, more than two-thirds of Republican Gen X voters do not believe student debt should be canceled.
These findings regarding the importance of loan forgiveness in the upcoming elections could have implications for President Joe Biden's campaign, particularly as he works to regain support among younger voters.
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The Supreme Court's rejection of Biden's $400 billion plan for widespread loan forgiveness last June has led the administration to explore alternative approaches, utilizing existing authority to improve current loan relief programs. As a result, nearly 4 million individuals have been relieved of their education debts, amounting to $143.6 billion in aid.
As the 2024 election approaches, the issue of student loan forgiveness is likely to continue to shape the political landscape, with voter support serving as a crucial factor in policy decisions and campaign strategies.