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.
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