Americans vote 'yes' to free college, 'no' to taxes to pay for it

Few things are as universally beloved as getting something for nothing. Everyone supports free samples at the grocery store, soda refills, and, perhaps one day soon, college tuition. Once an idealistic pipe dream of the far left, free higher education is now largely supported by a majority of Americans. Sixty-two percent say they support debt-free university tuition, according to a July survey of 1,000 American adults conducted by Princeton Survey Research Associates International for consumer financial company Bankrate Inc. Among those who are opposed to the initiative, 26% said they would support making college debt free for students coming from families that earn less than $50,000 annually. Another 5% are willing allow it for those whose families earn less than $85,000 a year. But when it comes to putting their money where their mouth is, Americans are more reluctant. Among those surveyed, 48% said they would not be willing to pay more in federal taxes to fund free college. https://www.investmentnews.com/wp-content/uploads/assets/graphics src="/wp-content/uploads2016/08/CI10633781.JPG" Making college tuition free is most heavily supported by those in the millennial generation, the survey found. This is unsurprising, given that millennials face a staggering amount of student loan debt. Undergraduate borrowers who finished college in 2014 are burdened with an average $28,950 in loans, and the delinquency rate on such loans is increasing. A July survey by the Federal Reserve found 29.2% of those polled did not attend college because it was too expensive. Among those who started their degree, 28% said they could not complete it because of the cost. While 79% of millennials support free college, only 64% of Gen Xers and 49% of boomers feel similarly. Support is also split along political lines. Democrats overwhelmingly support the idea, while just 33% of Republicans are in favor. Debt forgiveness is not as attractive as free college, the survey found. About a third of those surveyed said student loans should be forgiven after the debtor makes payments for 10 years, but 40% said the loan should never be forgiven. So while the future might be student loan-free, Americans don't expect to cut a break for those who are already laden with debt.