Millions of Americans may be influenced by student loan debt when voting in the 2024 Presidential Election.
A new survey from Bankrate.com reveals that 19% of respondents said the issue will have a major influence on how they vote with a 29% saying that it is a national crisis. These stats rise to 29% and 46% respectively among those who currently have student loan debt.
Almost three in ten say that the federal government has not done enough to address the issue and a quarter of poll participants say they are struggling to meet their own student debt repayments, especially among those earning less than $100,000. Since loan repayments resumed last year, around one quarter of respondents have missed at least one repayment.
“For the Americans saddled with debt to pay for their own education, student loans have been seen as the price they have to pay to compete for well-paying jobs in an increasingly selective and competitive U.S. labor force,” said Bankrate Analyst Sarah Foster.
Almost one-third of current student loan borrowers are unsure if they qualify for any loan forgiveness, while 25% of borrowers have enrolled in a new payment plan, forbearance, or deferment to lower their payments since the resumption of payments. Only 10% of those with student loan debt have had some or all of their balance forgiven. Among those who have paid off their student loans, 15% have had their debt forgiven.
Student debt is highlighted in a new study by The Kaplan Group which shows how household debt has grown over the past two decades to reach an all-time high. Student debt has quadrupled since 2003.
Meanwhile, four in ten respondents with current loans told the Bankrate survey that, at the time of taking out the loan, they had expected to pay off the borrowing themselves, but a quarter say they will never clear the debt including 27% of Gen Xers and 26% of millennials, and just 14% of Gen Zs.
“If you’re struggling to afford your student loan payments, remember to consider the options that are already out there for you before halting your repayments altogether,” added Foster. “You might be able to lower your monthly payment if you enroll in an income-driven repayment plan, an arrangement that could also lead to forgiveness down the road.”
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