If you thought the student debt crisis couldn’t get any worse, think again. A new Gallup poll has revealed that millions are willing to do so to benefit if President Biden’s student debt cancellation plan is approved by the Supreme Court. This is the last thing that needs to happen. Let’s pray it does not come to this news. Find out.
According to the poll conducted by Gallup and the Lumina Foundation, student loan cancellation could have a significant impact on the number of students returning to school. The study found that almost half of those who had dropped out of their programs would be very likely to enroll again if some or all of their student loans were canceled. This is a substantial percentage and shows just how much of a burden student debt has become for many Americans.
According to the survey by Gallup and the Lumina Foundation, 47% of students who stopped out, meaning they weren’t currently enrolled in degree programs, but had some college experience, would enroll again if “some or all” of their student loans were canceled. Additional 31% of students said they were “somewhat likely” to continue their education, while 22% were either “not too likely” or “not likely at all” to do so.
However, opponents argue that this policy could significantly increase the national debt. The Congressional Budget Office estimates that the overall cost of the loan cancellation could reach $400 billion, which is a considerable sum of money.
Critics also argue that the policy could have significant implications for the post-secondary education market. The Wharton School of the University of Pennsylvania has warned that borrowers may consider the likelihood of future bailouts when making financial decisions. This could result in students borrowing more money, which would ultimately exacerbate the student debt problem.
The survey also revealed that racial identity played a significant role in determining students’ willingness to consider returning to school. 57% of black respondents were “very likely” to enroll if some or all of their loans were canceled, compared to 49% of Hispanic respondents and 37% of white respondents.
Furthermore, the average federal student loan balance is $38,000, according to data from the Education Department. This is a substantial amount of debt, and many students who dropped out of their programs said that 70% of their outstanding loans would need to be forgiven to justify a return to the classroom.
Student loan cancellation is a contentious issue that has significant implications for higher education and the national debt. While many Americans are burdened with substantial student debt, opponents of the Biden administration’s policy argue that the measure could exacerbate the problem and distort the post-secondary education market. The Gallup poll is not one that should be celebrated because the last thing we need in this country is more entitled and uneducated college graduates who don’t know basic biology.
Let’s continue this conversation, in the comments below.
