Must See: Many Say If Biden Does This He Will Tank The U.S. Economy, Is He Deliberately Trying To Do It?

By Mark Gruber | Tuesday, 23 August 2022 03:00 PM
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Must See: Many Say If Biden Does This He Will Tank The U.S. Economy, Is He Deliberately Trying To Do It?

Many student loan borrowers expect the Education Department to prolong the more than two-year halt on federal student debt and announce some loan forgiveness. However, a new poll finds that most Americans are worried that student loan forgiveness will aggravate inflation.

According to a CNBC poll, 59% of Americans are concerned that any move by the Biden administration to remove student loan debt could prompt a bigger problem for people already suffering from record-high prices.

Around 44 million people who borrowed owe a combined total of $1.7 trillion in federal student loans, according to CNBC.

The idea that canceling college debt would put more money into borrowers' pockets and therefore steer the inflation does not necessarily mean truth for all borrowers, though.

Some told CNBC that their spending habits would not vary if some or all of their student loan debt were forgiven, while others said they hadn't made many changes during the payment moratorium.

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Malcolm Newman graduated from Drexel University with a bachelor's degree in environmental science. Now, 26 and employed by The Academy of Natural Sciences in Philadelphia, he told CNBC that he has persisted to make payments on private student loans during the federal student loan repayment pause.

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"I haven't really altered my spending habits," Newman said. "You know, when those payments kick in, I'll have a little less than what I've been used to, but it’s nothing that’s going to put me under or get me evicted from my house."

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The survey revealed that 53% of adults would pay off other loans if student debt forgiveness gave them a little more room in their monthly budget, while 45% would save the money for retirement. About a third — 30% — believe there shouldn't be loan forgiveness for anyone.

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Among this group, 39% of men say no one's loans should be dropped, while 22% of women agree.

Just 19% of adults 18-34 years old think no one's loans should be dropped, versus 39% of those older than 65.

The idea that only those in need should have their loans forgiven was shared by 34% of respondents.

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Meanwhile, 34% of respondents say only those in need should have loans forgiven, and 32% favor loan forgiveness for all who have student debt.

With a bachelor's degree from Temple University and a master's degree from Sarah Lawrence College, Tonya Edmonds owes more than six figures in student loans.

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"I think there should be forgiveness because the majority of the time, unless you start out with a job that is a high-paying job, you can't afford to pay," Edwards, an artist and administrative assistant, told CNBC.

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