29% of borrowers say student loan debt will have a major influence on their vote, survey finds
FILE-Activists gather to rally in support of cancelling student debt, in front of the White House in Washington, D.C. (Photo by STEFANI REYNOLDS/AFP via Getty Images)
There are several key issues voters are focusing on ahead of November’s presidential election and one that could sway constituents is student loan debt.
Approximately 29% of people with student loan debt say it will be a key factor in their vote, according to Bankrate’s Student Loans and the Presidential Election Survey.
While 29% believe student loan debt is a national crisis and 27% say the federal government has not done enough to provide borrowers with financial help.
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The survey conducted between May 16-20 polled 2,407 adults, including 1,033 who had or currently have student loans to pay off.
Bankrate noted that 24% of respondents with student loan debt say they have trouble affording their monthly payments or have skipped at least one monthly payment on their loans (24%) since the forbearance period ended in October 2023.
Meanwhile, 25% of people say they had to enroll in a new payment plan, forbearance, or deferment to reduce their monthly costs.
The Biden administration has continued canceling student loans through existing programs while pushing for a new, one-time cancellation that would offer relief to more than 30 million borrowers in five categories.
According to the Associated Press, President Joe Biden's new plan aims to help borrowers with large sums of unpaid interest, those with older loans, those who attended low-value college programs, and those who face other hardships preventing them from repaying student loans. It would also cancel loans for people who are eligible through other programs but haven't applied.
The Associated Press contributed to this report. This story was reported from Washington, D.C.