How Support For Student Loan Forgiveness Varies Along Generational Lines

Recent voter opinion shows support for student debt payments, among those who do not have a loan.

Proponents of his case worked to make the actual transcript of this statement available online.

However, support often varies and even declines with age, especially among older generations who have a high average debt balance.

Although student loan amnesty is widely accepted, support often declines with age, especially in older generations, on average with larger loan balances.

Proponents of his case worked to make the actual transcript of this statement available online. Proponents of his case worked to make the actual transcript of this statement available online. federal lenders. However, President Biden said, "We are not considering a $ 50,000 debt relief."

Recent polls suggest that voters have broad support for the waiver. In early April, more than half of the Student Debt Consolidation Center respondents said they would support a minimum of $ 50,000 for all lenders. According to the study, about 46 percent of voters who support remission do not have student loans.

"Just because people don't have student debt or don't know it doesn't mean they don't understand how important it is to their friends, family and the economy as a whole." - Cody Hunani, General Manager of the Student Debt Crisis Prevention Center, at "Transform America".

However, the survey data shows that Children's Boomer and Generation X members are claiming less debt relief than in the millennium. At the end of last year, most conservative millennials surveyed had at least some degree of debt forgiveness, compared with 45 percent of children.

Millennials cover the largest student debt, averaging $ 38,877 owed to the borrower, but averaging $ 40,512 per child, they have to pay more when federal payments are over. This is because older borrowers borrow money for graduate school.

Generation X, which describes Americans born between 1965 and 1980, has the highest average student loan debt of $ 45,095.

However, research shows that older people are less likely to sustain forgiveness. Similarly, some analysts predict that 32% of the US population over the age of 60 will benefit the least from debt relief.

Equality among Americans who have previously paid student loans or who have chosen to work without going to college is one of the main reasons for the differences in generational debt. Republican lawmakers have called for the law to be repealed, saying it "is unlikely that the president will be able to repay the loans."

"This decision will not only be unfair to those who have paid their debts or chosen to follow an alternative educational path, but it will also be very costly in the past, when there was historical inflation," said St. Mitt Romney. he told R-UT.

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This view is also supported at the state level. Mississippi Governor Tate Reeves (right) recently suggested that people who make different decisions aren't responsible for choosing others.

"Mississippi who doesn't have a college degree (or who has paid off their dues) shouldn't be forced to repay someone else's student loan. Revis tweeted in late April that those who chose not to go to college or who chose to repay loans should be punished.

But experts say the main problem with the idea of ​​equity in the debt forgiveness debate is the common misconception about who owns student loans. Borrowers are often referred to as young adults who have completed high school. "This is no longer the case. Changing economic conditions are forcing people of all ages to pursue higher education," he said.

"The average student isn't like that. Parents, single parents, older Americans go back to work educating themselves to be competitive in the 21st century economy, so unfortunately I think the term" student loan "is a misunderstanding. Cheating on a young student." He said.

"It is easy to say that opposition to student debt abolition is a blessing in disguise for irresponsible young people who do not contribute their share, who do not fully contribute to society, and who create such bully young people. Do not work hard and do not work hard. take responsibility and seek charity.

Madeleine Simon contributed to this report.

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Posted May. 27, 2022