Majorities oppose cancelling federal student debt if it raises their taxes, primarily benefits the wealthy, increases college prices, or causes more employers to require degrees.
The Cato 2022 Student Debt Cancellation National Survey, a new national poll of 2,000 U.S. adults, finds 64% of Americans support the federal government forgiving up to $10,000 in federal student loans for people who earn less than $150,000 a year or less than $300,000 per year for married couples. However, support for cancelling federal student loan debt plummets when Americans consider its trade‐offs.
Nearly two‐thirds of Americans oppose cancellation if forgiving $10,000 per borrower raises their taxes (64%) or if it primarily benefits higher income people (68%). Even more Americans oppose if cancellation incentivizes colleges and universities to further raise prices, as research has shown it may. About three‐fourths of Americans would oppose student debt cancellation if it caused universities to raise their tuition and fees (76%) or if it caused more employers to require college degrees even if not needed to do the job (71%), also known as “credential inflation.”
“These data show that Americans don’t like the costs that many experts believe are associated with federal student loan forgiveness” said Cato’s Director of Polling Emily Ekins, Ph.D.
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