With $1.7 trillion in student loan debt, the topic of student loan forgiveness is undoubtedly discussed often. There are currently a few proposals for student loan forgiveness, including forgiving up to $10,000 per borrower and some proposing that number be $50,000 in federal student loan debt.
The College Investor recently surveyed 2,000 Americans to see how people felt about the idea of student loan forgiveness. How much should be forgiven? Is it fair? Should there be an income limit?
Here’s what they found:
- 73% support $10,000 in student loan forgiveness
- 63% support $50,000 in student loan forgiveness
- 60% support of total elimination of student loan debt
- Of those who never had student loan debt, 53% still supported the idea of $10,000 in forgiveness, 51% supported the $50,000 forgiveness and 44% supported total loan forgiveness
- 52% believe there should be an equal tax break or program of the value for those who don’t have student loans
- 37% felt there should be an income limit on student loans
When it came to income limits, most people that were surveyed believed forgiveness should be extended regardless of income levels or were indifferent on the issue.
Joe Biden supports the Heroes Act, which currently says it would offer up to $10,000 of student loan forgiveness for economically-distressed borrowers. This includes borrowers whose adjusted gross income is less than 150% of the poverty line, borrowers who have defaulted on their student loans, borrowers in serious delinquency of 90 or more days, and borrowers who are in deferment or forbearance due to financial reasons.
Joe Biden has also previously said that he proposed forgiving tuition-related undergraduate federal student loan debt. This would be limited to students who graduated from public colleges, HBCUs or MSIs and who earn less than $125,000 per year. Any graduate student loans, private student loans, or loans from private colleges would not be eligible for this forgiveness.