June 20, 2022
By: Freedom to Prosper Team
A new NPR / Ipsos poll reveals a majority of Americans (55%) support student debt cancellation, and most Americans agree that higher education needs to be more affordable.
Student debt has ballooned to a $1.7 trillion national crisis, with millions of Americans and their families crying out for economic relief. This new survey shows the growing support for student debt cancellation and affordable higher education throughout the country.
In this poll, eighty-four percent of student loan borrowers supported $10,000 in cancellation, 78% supported $50,000 and over two-thirds (68%) supported cancelling all student loan debt. This signals that student debt cancellation is not only good policy, it’s good politics.
Student Debt Repayment Pause “Offered People Financial Freedom”
Since the beginning of the pandemic, student loan repayments were paused and extended six times. Because many borrowers struggle to keep up with payments – even just their interest payments – this moratorium gave millions of families the opportunity to make ends meet during the global crisis.
Forty-seven percent of the borrowers surveyed said the payment pause has improved their mental health. Borrowers spent the money they didn’t have to put toward their loans on essentials like food, rent and gas (51%); paying down other debts (45%); and putting money into savings (44%).
Student debt cancellation not only provides financial freedom, but also immeasurable mental and psychological freedom from the heavy burden of debt. That’s why we need to make 2022 the year of meaningful student debt cancellation. Add your name in support today.
Read the full story on NPR here.
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