Progressives are still pushing for student loan relief, despite a survey showing their unpopularity

As progressive Democrats Push the President further Joe Biden a new survey shows that this is largely unsupported.

The study, conducted by Business Insider / Survey Monkey, found that only 13 percent of Americans said they supported the $ 50,000 federal student loan grant. Meanwhile, 19 percent said they support the $ 10,000 lending; 25 percent said they all give student loans; and 22 percent said they are not in favor of non-student loans.

The poll results come soon after the president was criticized by progressives after he said he was unwilling to put out $ 50,000 in federal student loans.

During one recently CNN At the town hall event, Biden was asked if he was going to write off $ 50,000 in student loans, to which he replied that he “wasn’t going to do that”.

“I think that in this moment of economic hardship and tension, we should get rid of the interest on the accumulated debt,” Biden said at the time. “I am willing to write off $ 10,000 in debt, but not 50 because I believe I do not have the authority to do so by signature.”

Biden also said he will “not forgive the debt, the billions in debt, for people who went to Harvard and Yale and Penn”.

Not long after his comments, Biden faced a backlash from progressive Legislators, like representatives Alexandria Ocasio-Cortez and Ayanna Pressley, as well as senators Elizabeth Warren and Chuck Schumer.

One of the main arguments of the progressives who support the $ 50,000 federal student loan grant is that it will help narrow the racial wealth gap across the country.

Senate Majority Leader Chuck Schumer (D-NY) speaks during a press conference on student debt outside the U.S. Capitol on February 4, 2021 in Washington, DC.
Drew Angerer / Getty

In a letter to the Washington Post In response to comments from one of the newspaper’s columnists, Schumer and Warren wrote, “This is also a question of racial justice: Colored students are also much more likely to borrow student loans than white students, in higher amounts and after graduation, often less than white graduates . “

“A study by Brandeis University found that the middle black borrower was still $ 18,500 in debt after 20 years of student loan payments; the mean white borrower was $ 1,000, ”added the senators in their letter.

In addition to Warren and Schumer comments, data from the National Center for Education Statistics showed that black and African American college graduates “owe an average of $ 25,000 more in student loans than white college graduates.”

While Progressive Biden continues to push for $ 50,000 off student loan debt, those against it argue that anything that gives more than $ 10,000 in student loans benefits individuals who do not need financial assistance.

Earlier this month, NPR reported that federal data showed that more than a third of borrowers owed less than $ 10,000 in student loans.

In addition, a 2019 report by the Brookings Institution found that more than a third of student debt is owed by the top 20 percent of income-earners, while 15 percent is owed by taxpayers to the bottom 20 percent.

Thomas Gift, director of the Center for US Policy at University College London, said: News week that “the progressives continue to drive federal student loan issuance for one simple reason: It may not be popular with the majority of Americans, but it fits well with one of their core demographics: educated middle- to upper-class millennials, one of them many themselves have amassed substantial student loan debt. “

Progressives also suggest that student loan waivers would give the US economy a much-needed opportunity – to free millions of young people from debt that prevents them from making big purchases, including buying homes that fuel economic growth crank. “Gift explains.” What progressives tend to overlook, however, is that it is hard to find a policy that is more regressive than student loan issuance to be at the top of the income distribution or ready to “be like that in the future.”

Despite the Business Insider/ Survey Monkey, showing little support for student loan relief of $ 50,000, a separate study found mixed results.

According to a survey conducted by Morning Consult, 46 percent of progressive lawmakers support the plan to cancel up to $ 50,000 in federal debt on student loans, while 39 percent opposed it.

About Alexander Estrada

Check Also

How to get a quick loan in an emergency – here are five options

Representative picture New Delhi: Although an emergency or unexpected circumstance can arise at any time, …

Leave a Reply

Your email address will not be published.