@ISIDEWITHQuestionseducationStarted 2yrs agoActive 3mos ago

Do you support President Biden’s student loan forgiveness program?

In August 2022 President Joe Biden announced that his administration will forgive up to $20,000 of student loan debt. The plan will cancel $10,000 in federal student loan debt for borrowers making under $125,000 a year or couples making less than $250,000 a year. Borrowers who receive federal Pell Grants and make less than $125,000 a year would be eligible for total forgiveness of $20,000. The Wharton School of Business estimated that the plan will cost $300 billion over 10 years.

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Answer Overview

Response rates from 23.7k America voters.

55%
Yes
45%
No
48%
Yes
32%
No
7%
Yes, but we should cancel all student loan debt and make education free
8%
No, we should instead focus on lowering the cost of education
4%
No, this is unfair to students who already paid off their loans
1%
No, forgiving loans creates a moral hazard

Historical Support

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Trend of how important this issue is for 23.7k America voters.

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Other Popular Answers

Unique answers from America voters whose views went beyond the provided options.

 @95DBZ89 from Illinois  answered…2yrs2Y

Yes, but we should also focus on lowering the cost of education

 @9989DXL from Alabama  answered…2yrs2Y

Yes, but I do believe it is unfair to students who already paid off their loans, to those who are not eligible to receive forgiveness, and is unfair to taxpayers who will have to pick up the bill.

 @96PD2SN from Indiana  answered…2yrs2Y

Yes, and we should also focus on lowering the cost of education

 @9585X99 from Florida  answered…2yrs2Y

Yes, and we should focus on lowering the cost of education.

 @95X5KMQ from Illinois  answered…2yrs2Y

Yes, but we should focus on lowering the cost of education.

  @Silver911 from Maryland  answered…2yrs2Y

Loans are very predatory towards the middle and especially lower class putting a majority of our workers in a state of unaffordable debt. This helps more people live a richer happier life! And as for the counter arguments of

  1. Who will work the lower wage jobs: The immigrants and teenagers have and will work the jobs that no adult would dream of in our current state
  2. What about all the people who already paid of their student loans: They're already financially stable, but I do agree that this is a fair argument, so we should also strive for a money back stimulus for those who have already paid off their loans, but even if not this is still an all around WIN for the economy and quality of life!

 @95FLR3D from Minnesota  answered…2yrs2Y

Yes, and we should focus on lowering the cost of education

 @985KW6B from California  answered…2yrs2Y

yes, but we should focus on lowering the cost of education

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 @ISIDEWITH submitted…2mos2MO

Biden restarts late fees on student loans

Starting in October, borrowers who miss their student loan payments or make a payment significantly after their due date will start incurring late fees again. While these fees may be minimal in certain cases — say, $5 — they have to be repaid, and they add to the total cost of monthly payments. Falling behind for multiple months can lead to compounding late fees, further driving up the cost of curing missed payments and avoiding default.During the on-ramp period, missed federal student loan payments were not supposed to be reported negatively to the national credit bureaus or otherwise adversely impact a borrower’s credit report. Even borrowers who were already in default when the on-ramp period began should not have experienced negative credit reporting under the related Fresh Start program, according to the Department of Education. Fresh Start is similar to the on-ramp in protecting borrowers from the consequences of default, while also giving them a pathway back into good standing and regular repayment. Like the on-ramp, Fresh Start also ends on September 30.But with the on-ramp ending, missed payments will now be reported to national credit agencies again. Even one missed payment can severely damage someone’s credit report and reduce their credit score dramatically. While some loan loan servicers may not report missed payments until the borrower is 90 days past due, missed or delinquent payments can technically be reported after just 30 days.

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