Americans Pull Back Support on Student Loan Debt Forgiveness
Survey
Feb. 2021
Sample Size:
1,059
Demographics:
US adults
Topics:
Affordability
Student Loans
Top Findings:
- In a study conducted in December 2020, The Harris Poll found that nearly two-thirds of Americans supported forgiveness of a flat amount of student loan debt (64%), and more than half (55%) supported forgiveness of all student loan debt. Overall support in February 2021 appears to have declined. Less than half of all Americans (46%) say they support any level (i.e., flat rate, full amount) of student loan debt forgiveness by the U.S. government.
- The majority of Americans (59%) agree that, between the two institutions, any government action on student loan forgiveness should come via Congress, not the President.
- Although three-quarters (76%) of student loan debtors say their loans went toward financing their own education, a quarter (23%) say they have student loan debt for a spouse’s or partner’s education, and 16% are carrying student loan debt on behalf of a dependent’s education.
- Just forty percent of Americans report being able to pay off a student loan to at least one lender, with 70% paying off their most recent student loan debt in five years or fewer.
- Four out of five of these Americans (81%) report having more than $10,000 in total student loan debt. Younger adults would also suffer more with over one-third (37%) of those ages 18-34 reporting having student loan debt, and about one-third (34%) of Americans ages 35-44 reporting the same.
- Two-thirds (67%) of Americans say that a politician’s stance on student loan forgiveness is at least somewhat important to them when deciding how to vote. In fact, nearly one in three Americans (30%), say a politician’s stance on this topic is very important to them.
- When asked if canceling $50,000 in student loan debt per borrower would help or hurt the economy, 55% of Americans said it would help the economy.