HomeFinance NewsPersonal financeStudent Loan Bombshell: Will Loan Forgiveness Sink or Save 2024 Election?

Student Loan Bombshell: Will Loan Forgiveness Sink or Save 2024 Election?


Almost half of voters say student loan forgiveness is a key issue in 2024 election, survey finds


The issue of student loan debt cancellation has garnered significant attention ahead of the 2024 presidential and congressional elections, with 48% of registered voters considering it an important factor.

Among younger generations, the sentiment is particularly strong.

70% of Gen Z respondents and 72% of Black and 68% of Hispanic voters believe that student loan cancellation is essential.

The poll’s findings suggest that a majority of voters, regardless of age, feel that education should not result in lifelong debt.

John Della Volpe, the poll’s director, emphasized this sentiment.

Outstanding student loan debt in the U.S. currently stands at $1.6 trillion, surpassing other types of debt like credit card or auto loans.

The average loan balance upon graduation is approximately $30,000, and a significant portion of borrowers were behind on payments before the Covid-induced payment pause.

The majority of voters, 73%, believe the government should address the issue of student loan debt, with 50% supporting partial or complete loan forgiveness.

Gen Z and millennial Democrats overwhelmingly favor loan forgiveness, with 81% of respondents expressing support.

Over half of Gen Z respondents reported having student loan debt.

Surprisingly, many young people on the right also support student loan cancellation.

49% of Gen Z and millennial Republicans said they believe some or all education debt should be erased.

However, older voters prioritize the issue less, with only 37% of boomer and silent generation voters expressing its importance in the upcoming elections.

Over two-thirds of Republican Gen X voters oppose student loan cancellation.

The importance of student loan forgiveness could impact President Biden’s campaign, especially among younger voters.

Notably, the Supreme Court struck down Biden’s plan to forgive $400 billion in student loans, and the Biden administration has since pursued alternative avenues for debt relief.

Meanwhile, the widespread support for loan forgiveness may pose a challenge for Republican presidential nominee Donald Trump, who has consistently opposed such measures.

  • Overall sentiment: positive
  • Positive

    “Young people, especially Gen Z and millennial voters, are overwhelmingly in favor of canceling student loan debt, with up to 73% of voters believing the government should take some action.”

    “Nearly half of all voters, or 48%, say canceling student loan debt is an important issue to them in the 2024 presidential and congressional elections.”


    “The Republican party’s steadfast opposition to student debt relief remains a wildly unpopular stance — even with a majority of younger Republican voters.”

    “Trump himself has a record of opposing debt cancellation.”

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