The struggle of student loan borrowers and the increasing burden of paying off debt.
According to a poll, some student loan borrowers have not yet paid any single amount of their debt. (Photo: Liberty University)
The Concern Of Student Loan Borrowers
The topic of debt to student loan borrowers is a controversial one, and it is currently causing concern for many people. Retail giants like Target and Walmart have attributed a decline in holiday spending to factors such as inflation and student loans that cause great concern to student loan borrowers.
There are different opinions on how to deal with the issue in regard to student loan borrowers, including canceling all loans, pausing loan repayments indefinitely, or forgiving loans for specific individuals. Currently, payments have resumed for student loan borrowers as of October.
PureWow conducted a survey of 70 people between the ages of 23 and 48 to understand their opinions and the impact of being student loan borrowers.
Among the respondents, 47% were aged 23-30, while 53% were over 30. The majority were student loan borrowers and had outstanding student loans, 16% had paid off their loans, and 24% had no student loans. Most of the respondents attended private universities, and some had graduate degrees.
In terms of being student loan borrowers and loan amounts, 40% of those with loans owed $50,000 or less, while 17% had over $100,000 in student loans. Monthly payments of the student loan borrowers varied from $100 to $2,000, depending on different payment plans and COVID policies.
Some participants who are student loan borrowers mentioned that they hadn’t made loan payments in years.
Email From President Joe Biden
In a published article by CNBC, around 813,000 student loan borrowers will receive an email from President Joe Biden notifying them that their debt has been forgiven. This move is aimed at highlighting Biden’s actions and making it clear who is responsible for the relief.
Biden has already forgiven $127 billion in student debt for over 3.5 million borrowers using existing programs such as Public Service Loan Forgiveness and income-driven repayment plans. His broader plan to cancel up to $400 billion in student debt was rejected by the Supreme Court.
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