A new study by Intelligent shows that a majority of college students who have taken on college debt were inspired to do so by one of President Joe Biden’s major campaign promises, namely, student loan forgiveness.
Biden’s campaign pledge was made in an effort to combat the rising student debt crisis and soaring tuition costs throughout the country. However, about one and a half years into his presidency, he has yet to follow through with his promise.
Intelligent, a magazine dedicated to helping young people get through college, conducted a survey asking students how much Biden’s loan forgiveness plan affected their financial decisions regarding their education.
Here’s what they found:
- An overwhelming 86% say Biden’s pledge affected their decision to take on student loan debt
- Close to 1 in 3 say they are unlikely to continue school if Biden does not follow through with his pledge
- The majority remain confident that the president will forgive at least some amount of student loan debt
- Nearly 1 in 3 Democratic borrowers unlikely to vote for Biden in the next election without some loan forgiveness
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Tom Kelly, a recent student loan borrower, told Intelligent of his disappointment with Biden’s pledge, saying, “I would not have taken out as much student loan debt if not for the campaign pledge to address student debt. I would have either attended a different school with less expensive tuition or stayed in school for another year to save on costs.”
“If he is not able to keep this promise, then I may not vote for him in the next election,” Kelly stated, referring to Biden’s possible bid for re-election.
In accord with Kelly’s response, the study also found that one out of four borrowers said they were very unlikely to even go to college if it weren’t for Biden’s promise.
Biden is thinking of fulfilling his bailout pledge.
Sources told The Hill in April that Biden is considering forgiving up to $10,000 in student loan debt per borrower, but that he has delayed the forgiveness by extending the student loan payment freeze enacted at the start of the coronavirus under former President Donald Trump.
Biden has renewed the freeze twice and said payments would go back into place by August 31, saying that the extension will give borrowers time to “achieve greater financial security” before paying up.
In May, CNBC reported that around 44 million Americans owe $1.7 trillion for their education. The article stated that tuition has gradually outpaced incomes, forcing families to rely on student loans. By 2035, according to one expert, “outstanding student loan debt could topple $3 trillion.”
Whether you agree with student loan forgiveness or not, college tuition has become a major dilemma for young people wishing to advance their education.
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