WASHINGTON (TND) — Student loans are top of mind for voters paying off their debts: 29% of borrowers say student loan debt will have a major influence on their vote, according to a new Bankrate survey.
Nearly half of borrowers (46%) call student loan debt a national crisis. The National Student Loan Data System reports around 43 million Americans owe more than $1.6 trillion in student loan debt with most borrowers owing between $20,000-$40,000.
As long as there is sufficient demand for costly education, those supplying the ‘product’ will continue to do so at a high price,” explained Mark Hamrick, Bankrate’s senior economic analyst.
Only a small share of adults have student loan debt, but President Joe Biden and former President Donald Trump may still have to make it a key part of their platform while campaigning for the White House, a new Bankrate survey indicates.
Biden vs. Trump
As president, Trump paused student loan interest and payments during the COVID-19 pandemic. President Biden extended the pause until late last year.
Biden wanted to provide an estimated $400 billion in relief for borrowers, but the Supreme Court blocked his efforts. However, the Biden Administration created an income-driven repayment plan and has plans for more relief.
The Biden Administration has forgiven $167 billion for 4.75 million Americans.
“The Biden-Harris Administration remains persistent about our efforts to bring student debt relief to millions more across the country, and this announcement proves it,” said U.S. Secretary of Education Miguel Cardona in a press release. “One out of every 10 federal student loan borrowers approved for debt relief means one out of every 10 borrowers now has financial breathing room and a burden lifted.”
According to a poll from the Associated Press-NORC Center for Public Affairs Research, 36% of Americans with student loan debt strongly or somewhat approve of the president’s handling of student loan debt, and 34% strongly or somewhat disapprove.
“This student loan program, which is not even legal, it’s not even legal, and the students aren’t buying it, by the way. His polls are down. I’m leading in young people by numbers that nobody has ever seen,” Trump said during a Tuesday rally in Wisconsin.
Trump opposes canceling student loan debt and has proposed eliminating subsidized Stafford loans and public service loan forgiveness. He has backed income-based repayment plans, according to the Washington Post.
Overall, nearly one in 5 American adults (18%) say student loan debt will have a major influence over their vote in the upcoming 2024 presidential election
Bankrate found about one in four of those who currently have student loan debt for either their education or someone else’s schooling say they are having trouble affording their monthly payments on their federal student loans. The same amount doesn’t expect that they’ll ever be able to pay off their student loan debt.
