A survey conducted by NPR and Ipsos found that although debt forgiveness is popular among Americans, most would prefer to focus on the Biden administration in an effort to make the college more affordable.
The survey of more than 1,000 Americans looked at what both borrowers and individuals without student loans think about various aspects of President Biden’s promised plan to cancel at least some student loans.
More than half of all respondents, both those who have debt and those who do not, support Biden’s move to release at least ছাত্র 10,000 student debt per borrower, a possible proposal from the administration. On the other hand, 82 percent said Biden should give priority to making college more affordable than debt forgiveness.
Biden is expected to limit debt forgiveness to individuals earning less than $ 150,000 a year. The survey found that income limits did not change respondents to the president’s forthcoming proposal.
The survey found that support for debt relief was more common among individuals with student loans. Of the borrowers with the remaining balance, 84 percent supported the $ 10,000 relief, while 68 percent supported the administration waiving all student loans. Half of respondents without student loans supported $ 10,000 in debt relief, with only 37 percent supporting complete cancellation.
However, respondents to the survey unequivocally said that the Biden administration should give priority to making the college more affordable rather than forgiving student loans. Many higher education leaders agree, saying the administration should focus on investing in long-term solutions to address college costs that will help future students avoid high-level borrowing.
Among respondents with loans, 82 percent agreed that making college more affordable should be a priority, and 59 percent of respondents without loans agreed.
Long-term solutions proposed by some legislators and lawyers for affordable education include tuition-free community colleges, doubling PEL grants, and reforming the student loan system.
A June survey by the American Action Forum found that the federal student loan would return to its current level by 2026 if Biden canceled a ছাত্র 10,000 student loan per borrower.
In addition, some experts have expressed concern that debt forgiveness may give a false promise to future borrowers, who may expect another round of debt forgiveness for themselves.
“If we forgive the debts of the people today through a huge, comprehensive forgiveness program, I am concerned about what it might do to the will of the people in the future,” he said. In particular, if people expect another round of debt forgiveness, they will probably spend more and borrow more than they do, which exacerbates the problem we have, “said Beth Ackers, a senior economist at the right-leaning American Enterprise Institute. .
Critics of debt relief have argued that undergraduate students should not be included in Biden’s plan to free students from debt. According to the survey, 65 percent of respondents said that debt forgiveness should apply to both undergraduate and graduate degree holders. Only 30 percent believe debt forgiveness should be reserved for graduates.
The poll further explores how borrowers managed their debt throughout the federal payment break, which began in March 2020 and has been extended more than once. Throughout the break, 57 percent of borrowers said they did not make a single payment on their student loan. The break is set to expire at the end of August and it is unclear whether the Biden administration will implement another extension to the break.
Nearly half of respondents to the survey said the break has improved their mental health, and they have been able to spend more money on expenses such as food, rent, gas, other debt repayments or more contributions to savings.
Justin Drager, president of the National Association of Student Financial Aid Administrators, said: “We have to face significant challenges in getting millions of people offboarding to pay off their debts, and this is being done at a time when inflation is doubling year after year.”