According to a CNBC/Momentive poll, the majority of Americans are worried that student loan forgiveness could cause inflation.
Student loan borrowers gather near The White House to tell President Biden.
According to the survey, over half of Americans are concerned about how loan forgiveness will affect inflation.
34% of respondents think that only borrowers in need should have their student loans forgiven, while 32% think that all Americans with student debt should have their loans forgiven.
39% of people over the age of 65 disagree with any form of loan forgiveness, while only 19% of people under the age of 18 agree.
According to the results of the survey, a narrow majority of Americans support some student loan forgiveness, but it is divided by age and political party affiliation.
The Biden administration is expected to make an announcement about student loans in the next week or so, according to the education secretary. The pause on federal student loan payments instituted by former President Donald Trump is set to end on August 31st. Biden has paused four times before. It is thought that Biden will announce a cancellation of $10,000 for borrowers who make under a certain amount of money. A survey last month found that only half of Americans supported the idea.
There are 45 million Americans with student loan debt. The move could boost the economy and ease inflation by allowing borrowers to spend money that would otherwise go to their loans, according to some economists. Lawrence H. Summers was the former Treasury Secretary.
A survey shows that a majority of Americans think student loan forgiveness will make inflation worse.
Americans are split along party lines when it comes to student loan debt relief.
A poll finds that half of Americans support Biden's student loan donations.
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