As we come up on a year rife with hardships for many Americans, is existing student loan debt and a new administration sparking a reevaluation of college tuition and loan repayment? 

Our recent research shows that of those with outstanding loan debt, 57% estimate it will take them a minimum of 5 years to pay their loans off (including 32% who peg this timeline at 10+ years).

As for broader attitudes on higher education in the US, the strong majority (85%) of the 1,819 Americans we surveyed concur that the tuition of public, four year universities should be lower. At lower levels, six-in-ten feel that community colleges in the US should be free, while a lesser 39% echo this sentiment for public, four year universities.

With much discussion about potential legislation to forgive a portion of student loan debt, just over half of those we surveyed (52%) agree that legislation should be passed to allow up to $10,000 per borrower to be forgiven, with more moderate support for forgiveness of $25,000 (42%) or $50,000 (34%). 

Despite this buy-in above, 64% concur that canceling student loan debt now is unfair to those who have already paid off their loans (led by those who identify as “Very Conservative” or “Conservative”- 81-82%).

Finally, during the uncertainties caused by a pandemic, 71% appreciate that the federal government has extended a pause on student loan payments due to COVID-19.

Looking to kick-start your children’s college savings? Upromise offers valuable reward earning opportunities that can be deposited directly into your 529 Education Savings Plan account and awards monthly scholarships to five lucky families.

Author

Bess Devenow

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