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Will Student Loan Forgiveness Swing 2024 Election?
Biden admin just forgave $160B in student loan debt for 4.6 million peopleāa bailout for the bipartisan education industrial complex.
Published June 20, 2024 at 8:20am by Sara Chernikoff
Student Loans: A Major Factor in the Upcoming US Election
Nearly 20% of Americans say student loans will influence their vote in the presidential election, per a Bankrate survey. With student debt at $1.77 trillion, per the Federal Reserve, it's a key issue.
Trump vs. Biden on Student Debt
Former President Trump and President Biden differ sharply: Biden's relief initiatives have forgiven $160 billion, while Trump praised the Supreme Court for blocking the program. Trump previously backed income-driven plans.
29% of respondents with student loans said debt will greatly impact their vote, per the survey.
Rising College Costs, Debt Crisis
With college costs rising, the national student loan balance has increased 66% in a decade. The average degree costs $25,707-$218,000, per the Education Data Initiative.
Bankrate found 27% feel the government hasn't done enough, with a third calling debt a "crisis." Analyst Sarah Foster noted borrowers have felt a "dark shadow" financially. Nearly a quarter expect to never pay off loans.
Read more: How will student loan forgiveness influence the 2024 Election? The $1.7 trillion question