Consumers’ views on student loan debt are going to play a major factor in who wins November’s presidential election, according to the results of a survey conducted by Bankrate. Student loan debt remains a pressing issue for many Americans — nearly 1 in 5 adults (18%) say student loan debt will be a major influence on their vote. This concern is especially pronounced among those who currently hold student loan debt.
National Concern: Despite only 17% of adults carrying federal debt, 29% of Americans call student loan debt a national crisis, and 27% believe the federal government hasn’t done enough to provide financial assistance to borrowers.
Borrowers’ Struggles: Since the end of the pandemic-era forbearance in October 2023, 24% of those with student loan debt report difficulty affording their monthly payments, and another 25% have had to enroll in new repayment plans or forbearance.
Long-term Burden: About 24% of those with student loan debt for themselves or others don’t expect to ever pay it off, highlighting the long-term financial burden that these loans impose.
Generational and Income Differences:
- Generational Impact: Millennials (ages 28-43) are the most likely to say student loan debt will influence their vote (35%), compared to Gen Z (22%) and Gen X (24%). Higher-income Americans are also more likely to see it as a major voting issue, with 37% of those earning $100,000 or more citing it as a key factor.
- Financial Stress: Lower-income borrowers are more likely to struggle with payments. For instance, 28% of those earning under $50,000 report trouble affording monthly payments, compared to 14% of those earning $100,000 or more.
What they’re saying:
- Mark Hamrick, Bankrate Senior Economic Analyst: “The availability of student loans resulted in a friction-free environment where all too many students piled on debt. After the fact, many developed student loan debt remorse.”
The bottom line: As the 2024 presidential election approaches, student loan debt will remain a significant issue for many voters, influencing their choices and highlighting the need for effective solutions to alleviate this financial burden.
