60% In Favor of Student Loan Forgiveness, With Another 22% on the Fence
Student loan debt is now the issue dominating the nation’s attention. Invisibly polled 1141 Americans using it’s Realtime Research polling tool to learn their opinions on forgiving student loan debt.
Here's What Invisibly Learned:
- 60% of people in outright favor of student loan forgiveness, with an additional 22% on the fence pending whether it’s for subsidized or unsubsidized loans.
- 19% of people are not in favor of student loan forgiveness.
- 66% of people with current student loans plan to wait for loan forgiveness to pass to pay off their debt.
- Only 8% of Millennials and Gen X report never having had student loan debt
- The lowest income bracket (up to 30k annual) has more than double the amount of people with loan debt of any other income group.
When asked whether the Biden administration should provide student loan forgiveness, 60% were outright in favor, with an additional 22% saying it depended on whether the loans were subsidized or not. Only 19% said they are not in favor of any amount of loan forgiveness.
64% of people who had prior loans favor loan forgiveness, but are split in the amount with 28% falling in the up to $10k category and only 36% being that up to $50k should be forgiven. 19% with prior loans don’t believe there should be any form of loan forgiveness.
When asked about how people will approach paying their loans this year, 66% of those with current loans plan to wait for loan forgiveness to pass, compared to 24% that plan to pay off their loans regardless. Only 10% said they would make interest-only payments.
The majority of respondents with current or past loans are in the 18-24 year old age range, and surprisingly it is also the group with the largest number of people (65%) who said they have never had student loans. Millennials and Gen X apparently bore the brunt of student loans, with only 7% and 8% respectively saying they have never had student loan debt.
47% of respondents have an income between $0-$30k a year, with only 23% reporting an income of over $100k a year. 47% of those currently saddled with student loan debt are in the $0-$30k a year income bracket, compared to 23% that make over $100k a year.
You can see the full data study here. Invisibly Realtime Research™ polling differs from traditional polling or online surveys and have proven to be extremely accurate at predicting behavior. In fact, Invisibly came the closest in accurately predicting the Presidential election results: FiveThirtyEight polls were off by 38 electoral votes. Invisibly was only off by 4 electoral votes.