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Bankrate Survey: 18% of Americans to Let Student Debt Influence 2024 Election | Insights & Stats

(photo: Bankrate)

A Bankrate survey revealed that a substantial number of Americans.

Student Debt’s Impact on Election

A recent Bankrate survey found that nearly 18 percent of Americans say student debt will strongly influence their vote in the upcoming November elections. Among those who currently have student loans and this figure rises to 29 percent. With over 40 million borrowers nationwide and the issue holds considerable sway.

President Biden and former President Trump differ sharply on student loans. Biden has pursued policies like forgiving significant amounts of debt and reforming repayment plans. In contrast, Trump has been less vocal but supported the Supreme Court’s decision against broad debt forgiveness, arguing for fairness to responsible borrowers, according to the report of The Hill.

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(photo: Bankrate)

Bankrate Survey Highlights Concerns Over Student Debt Crisis and Government Action

According to Bankrate, 29 percent of respondents view student loans as a national crisis, a sentiment shared by 46 percent of current borrowers. Additionally, 27 percent believe the federal government hasn’t done enough to address this issue reflecting widespread dissatisfaction.

Many borrowers face challenges making monthly payments, with 24 percent reporting difficulty. Analyst Sarah Foster stressed that despite affecting a smaller segment, student debt remains a pressing issue needing comprehensive government action.

The survey, conducted from May 16-20, interviewed 2,407 U.S. adults, including 1,033 with student loans. While the margin of error wasn’t specified, the findings highlight the significant impact of student debt on voter decisions and the need for effective policy solutions.

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