With Unexpected Senate Twist, Biden Is Facing Tricky Political Landscape on Student Loan ForgivenessJanuary 19, 2021
January 19, 2021 at 12:01 am ET
56% of adults say they strongly or somewhat support the $10,000 student loan forgiveness plan Biden endorsed during his campaign.
About 3 in 10 say they strongly or somewhat oppose Biden’s plan.
46% say they support the plan preferred by progressive lawmakers to cancel $50,000 in student loan debt per borrower.
This is part of a suite gauging Americans’ priorities for the incoming administration on a variety of pressing issues in the political, policy and business spaces. See our other work analyzing voters’ preferences on health care, the environment, the economy, finance and housing, as well as how marketing leaders can look to flourish in a political landscape that is growing increasingly divided.
President-elect Joe Biden is inheriting an electorate in debt. Unlike his last tenure in federal office, much of that debt is in student loans, and how to grapple with that will be one of the most significant economic policy issues his administration will face in the next four years.
Since the 2008 financial crisis, student loans have grown more than any other kind of consumer debt, reaching nearly $1.6 trillion. Delinquencies for student loans also run much higher than other kinds of loans, and unlike other debt, borrowers can’t shrug it off, even if they go through bankruptcy.
Not only is this a problem for borrowers, but proponents for student loan forgiveness have argued that policies geared toward relieving student debt burdens would help the economy overall. During his campaign, Biden said he would sign legislation that canceled $10,000 in student debt for borrowers who make less than $125,000 a year. And in the runup to his inauguration, the first concrete promise Biden made for his incoming administration was centered on student loans — a transition official said that on “Day One,” the president-elect would direct the Department of Education to extend the pause on federal student loan payments.
So far, Biden’s $10,000 proposal, along with the idea of student debt relief, has proved popular among the public, according to a new Morning Consult poll.
Thirty-four percent of adults said…