Most Americans Support Biden’s Student Loan Handout Until They Realize It Raises Taxes: Poll

Bill PanSeptember 27, 2022

A majority of Americans would oppose President Joe Biden’s plan to “forgive” billions of dollars of federal student loan debt if it led to higher taxes, according to a recent poll.

The survey (pdf), conducted by British data company YouGov on behalf of the libertarian Cato Institute, found that 64 percent of American adults said they are in favor of the federal government “forgiving” up to $10,000 in federal student loans for people earning less than $150,000 a year, or less than $300,000 per year for married couples.

“However, support for cancelling federal student loan debt plummets when Americans consider its trade-offs,” the Cato Institute said.

When asked whether they would support the same plan if it “raised your taxes,” 64 percent of respondents said they would oppose the move, according to the results.

Meanwhile, 68 percent of respondents said they would oppose the student loan bailout if it would “primarily benefit higher income people.” Seventy-six percent would oppose the plan if it would cause universities to raise their tuition and fees, while 71 percent would oppose it if that means more employers would require college degrees even when they are not necessary for the job.

“These data show that Americans don’t like the costs that many experts believe are associated with federal student loan forgiveness,” said Cato’s Director of Polling Emily Ekins.

The poll also shows some differences between Democrats and Republicans in their response to the trade-offs. “Without considering trade‐offs, Democrats strongly support (88 percent) federal student debt cancellation, as do a majority (58 percent) of independents,” a summary of the finding reads. “However, Republicans oppose about 2 to 1, with 63 percent opposed.”

“A majority (56 percent) of Democrats would continue to support student debt cancellation even if it raised taxes,” it continued. “But Democrats turn against forgiving