Americans want to cancel student loans -- but not all of them

[DonViejo]

Student debt forgiveness is especially popular among people with student debt. Those without it are more split.

By Emily [e-mail] Dec 11, 2020, 9:05am EST

Is it a good idea to forgive student debt? The answer is complicated and, ultimately, driven by politics — not only political will but also political popularity.

Some critics have suggested that if President-elect Joe Biden were to unilaterally take action to cancel some or all student loan debt, it would be a disaster for Democrats and cause major backlash from many voters. That’s not the likeliest outcome, based on polls, but it’s not a clear political win either.

A poll from Vox and Data for Progress found that a majority of likely voters support forgiving some student loan debt up to a certain amount and in certain situations, but the popularity of the idea varies among voters based on age and other characteristics.

Two-thirds of voters say they would support canceling $10,000 in student loan debt for every year someone works in national or community service (up to give years). More than half of voters support canceling $50,000 of debt without the service requirement, but the idea is more politically palatable if the program targets debtors making less than $125,000 a year. Only about four in 10 likely voters, however, support forgiving all student debt.

more
https://www.vox.com/policy-and-politics/2020/12/11/22167555/biden-student-loan-cancellation-poll

[droidamus2]

1. Support but...

I support the idea of forgiving the student debt across the board along with making public colleges and universities made free at the point of service. The means testing idea has its place but we all know how political propaganda works so if you give relief to some but not all that can easily be used to setup us against them scenarios where those that received help become 'takers' and those that didn't are convinced they got screwed. By including all debt they lose that argument. Will some people get helped that may not 'need' the help sure but do we hold back on helping the large segment of student debt holders just because a much smaller segment gets help they don't really need?

[Hugin]

2. "Only about four in 10 likely voters, however, support forgiving all student debt."

Hmm... 4 in 10.

It's usually the up-by-the-bootstraps crowd who are afraid they are going to have to compete with someone who's come up from nothing who object.

Right now, I'm all for anyone in the health care professions getting all of their student debt eliminated. One, it rewards those who are giving so much during the pandemic. Two, it provides incentive for others to join the fight.

[Turbineguy]

3. For many of us went went to college in the '60's and '70's

Schools were heavily subsidized by tax payers. I graduated in 1975 with a $1500 student loan (that's right, One thousand Five hundred US Dollars). They could work up some sort of formula based on lost subsidy, expected career earnings for the selected major and perhaps some other factors.

[redstatebluegirl]

10. According to the inflation calculator $1500 in 1975 would be $7400 and change now.

[Turbineguy]

12. A long way from a couple of hundred thousands

[MoonchildCA]

4. I have mixed feelings about this.

The liberal side of me would love to see the debt cancelled.

But... my daughter went to a state school and lived at home. She only took the grant money offered which covered tuition, books, and some transportation costs. She also worked part time. She didn’t have to pay rent, so in that way, she was lucky. She graduated debt free.
She had a lot of friends though, who were in the same position as she was, who maxed out their loan money even though they didn’t really need it for school. They spent it on eating out, computers, gadgets, etc. You can’t really separate those people out from the ones who really deserve relief though. It’s like not giving anyone food stamps because a few people will take advantage. Hence, the mixed feelings.

In the future, I’d definitely would like to see free tuition at state and community colleges along with subsidized housing. Those choosing expensive or prestigious schools should be subsidized according to income levels, so rich kids don’t have an advantage.

[ALBliberal]

7. Our family made sacrifices so that our daughters

graduated debt free. I completely agree with your assessment.

[Maeve]

5. Because we went to Ohio State in the 1970's

neither me or Hubby had any student debt---and a summer job paid for tuition and books. We both worked part time all year and could afford an apartment. Fast forward to our kids working full time and having to live at home just to pay MOST of their tuition and books and that WITH some financial help.

Things have to change. Debt forgiveness is a start but tax-support for higher education is a must.

[Codeine]

6. I think we need to be honest about the fact

that student debt forgiveness sucks on a lot of levels. It may still be the right thing to do, but I avoided college because I knew I couldn’t afford the debt.

If a peer went to school and has the increased income that comes with a degree and then has their debt cancelled you have ex post facto provided them with a free education to which I didn’t have access. They’ve been given a boost at my expense, gaining all the benefits while dodging the costs. Failure to acknowledge this basic fact is intellectually dishonest and undermines the position.

[Javaman]

8. wipe the slate clean.

this current generation, more than any other before it, was set up to fail with loan shark practices.

we are a nation in living and working in debtors prison. people with outragious student loans my not be behind bars, in the real sense, but they certainly are in the metaphorical sense. and unless something is done about student loans it's only going to get worse for them and society.

[DeminPennswoods]

9. Maybe we need to start doing what's right, not

what's popular or poll-tested.

Even the small christian college where I live is nearly 28+k/year and almost 40k if you add room and board. That's over $110,000 for a 4 year degree without room and board. And remember this is debt that cannot be discharged in bankruptcy.

[KWR65]

11. I'm against stopping the payment of student loans.

The USA should suspend all federal student loans interest rates and put people on a income based repayment for those that need it. That way you can pay the loan over 40 years if you need to without increasing the accrued interest during that time.

[MichMan]

13. When the Federal government took over all student loans in 2010...

with new legislation, why didn't it include zero percent interest back then?

[smirkymonkey]

14. Cancel the compounded interest.

I have no problem paying back what i borrowed, but my compounded interest was almost twice what I borrowed in a period of 12 years. I will never pay it off unless I am given a break.