Less than half of Americans support any level of student loan cancellation: Survey

According to a Yahoo Finance / Harris poll, less than half of Americans support any level of student loan cancellation. Jessica Smith from Yahoo Finance shares the details.

Video transcript

Regardless of that, Jess, we’ve watched what is a very vigorous debate going on among Democratic lawmakers on the issue of canceling student loans. The President said he did not believe in the importance of putting all of his efforts on this front. We’ve heard from other lawmakers say that it shouldn’t matter if you want to have a public or private school. You are reviewing a new study on public support for the issue. What do you find?

JESSICA SMITH: Well, the Harris poll and Yahoo Finance did this survey, and we found that less than half of Americans actually support any student loan forgiveness. 46% said they supported some level. 54% oppose it.

The idea was actually most popular among college graduates and households earning more than $ 100,000 a year, with higher-income households being more likely to have student debt. And even though the majority of respondents oppose forgiveness, they still believe it would help the economy. 55% said it would help the economy.

And why all of this is in the foreground is because progressives in Congress are really pushing President Biden to use his executive authority to write off up to $ 50,000 in debt per person. President Biden, as you said, has made it clear that he will not do this. But he would sign a law that forgives up to $ 10,000. The poll found that most people, 59%, believe that if there is to be a pardon, Congress should do it, not the president. And this question could influence the way people vote in future elections. We found that 2/3 of respondents said that politicians’ positions on issues like this, on student debt cancellation, are at least somewhat important to them when they think about who they are going to vote for. .

And proponents of forgiveness say it will not only help individuals, but it will accelerate economic recovery. Because people can start a business or buy a house, make other investments. And the survey found that 30% of people with student debt delayed buying a home.

More than a quarter of them have delayed health care. 21% delayed starting a business. And there were other really interesting results in this investigation that we did. We have a few stories that you can see on our Yahoo Finance website.

[INAUDIBLE]

Yes, it’s interesting how this has really become more and more of an electoral issue. Many lawmakers already have their eyes on the midterm elections. So we’ll see how it goes. Thank you very much for that.

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