A survey of student loan borrowers since Biden’s election found that the possibility of a bailout influenced decision to borrow
A new survey of recent student loan borrowers found that 86 percent took on debt with the assumption that President Joe Biden would bail them out on their loans.
Intelligent.com surveyed 1,000 borrowers who “had taken out student loans between November 2020 and the present,” according to the survey results released on Monday.
The company reported:
86% of recent student loan borrowers, defined here as those who have taken out a loan since Biden was elected in November 2020, say Biden’s campaign pledge to address student debt played a role in their decision to take out loans. Additionally, 21% of borrowers say they would have been unlikely (16%) or very unlikely (5%) to take on the same amount of debt had Biden not campaigned on student loan forgiveness.
Some students likely cannot afford to go to college without their loans being bailed out, according to the survey results.
The survey reported:
When asked if they would have continued their education in the first place if not for Biden’s campaign promises, 25% of recent borrowers say they would have been unlikely (18%) or very unlikely (8%) to go to or continue going to college.
Additionally, 30% of recent borrowers who are also currently enrolled in school say they are unlikely (21%) or very unlikely (9%) to continue going to college if Biden does not forgive some amount of student loan debt.
A recent Federal Reserve report found that a bailout would primarily benefit millennials and Gen Z. The two generations of voters went 60 percent for Biden over President Donald Trump in 2020.
Yet, 31 percent of Democrats surveyed by Intelligent “say they are unlikely (23%) or highly unlikely (8%) to vote for Biden in the next election if he does not cancel any student loan debt.”
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