13% of students think student debt cancellation will happen
American student debt has swollen for decades, but this year, lawmakers have spoken more than ever on the cancellation of student debt.
lodge and Senate Democrats have repeatedly urged President Biden to “broadly” write off up to $ 50,000 in federal debt by decree, an approach Senate Majority Leader Chuck Schumer reiterated that Biden should take during his first 100 days in office.
The Biden administration suggested that the president call on Congress to forgive $ 10,000 in student debt for all borrowers – a withdrawal from what the leaders of his own party demanded, but still a popular proposal. January Morning Consult survey found that 56% of all American adults and 62% of Gen Z (who disproportionately voted for Biden) support the $ 10,000 federal student loan forgiveness.
But confidence that student debt cancellation will occur seems low.
A recent poll of the university’s 3,649 current students according to the study guide platform OneClass found that only 13% of students expect to see a student debt cancellation policy implemented by the new administration.
“The forgiveness of student loans was one of the biggest issues for voters in the last presidential election. In previous years, politicians from both parties have made many promises on how to deal with this problem. With college costs continuing to climb, even throughout the Covid-19 pandemic, it’s no surprise that 87% of respondents in our community think loan cancellation won’t happen or was just a tool to use for voting, ”says Richard DeCapua, vice president of academic affairs for OneClass.
“The federal government had a disappointing record on student loan relief under the previous administration. While there are influential Democrats calling for loan cancellation, students in general still do not believe that this relief will be in the near future. “
There are serious questions about whether lawmakers will actually embrace student debt cancellation.
“In general, Democrats support canceling loans while Republicans don’t,” says higher education expert Mark Kantrowitz. “President Biden will likely wait until late summer or early fall to propose student loan cancellation legislation, so that it does not interfere with legislative proposals for which there is common ground. modest cost. “
Even former President Donald Trump warmed up to student debt cancellation during his unsuccessful re-election campaign. But without broad bipartisan support, many believe the most likely way to alleviate student debt would be through executive action.
“I would like to see Biden’s administrator do this administratively – they have a busy legislative agenda and that’s one of the things they can do with the executive branch,” says Josh Bivens, economist and research director at the Economic Policy Institute. “So whatever they can do on their own and declutter the legislative bottleneck is something I think they should be doing.”
“These tuition-free college and student loan forgiveness ideas seemed out of reach years ago, but they are definitely increasingly becoming a part of the national conversation,” says Rebecca Safier, student loans expert on the Student Loan Hero student loan management site. “I can definitely see it happening.”
“But that remains to be seen.”