LOUDONVILLE, New York (WWNY) – A majority of New Yorkers support President Joe Biden’s plan to cancel up to $20,000 worth of debt for Americans who have taken out federal student loans.
A recent Siena College poll says those surveyed favor the idea 56-33%.
“Support is greatest among Democrats, Blacks, those with a balance on their student loan, and New Yorkers under 50 years of age,” Siena College Research Institute director Don Levy said. “Nearly two-thirds of Republicans and a plurality of independents oppose the plan.”
The plan calls for forgiving up to $20,000 for Pell Grant recipients and up to $10,000 for others. Monthly payments would be capped at 5% of a person’s income.
Twenty-nine percent say the plan has gone too far, according to the poll, 21% say it doesn’t go far enough, and 39% say it’s the right approach.
Thirty-eight percent of New Yorkers say that they have taken out a federal student loan to help pay for college. Fifty-four percent of them have paid the loan back and 45% of them — or 17% of all New Yorkers — still have a balance due.
“While 73% of those that still have a balance on their student loans support the plan to cancel some student debt, 63% of those that had debt and have repaid it also support the plan,” Levy said. “Among those that never borrowed to pay for college, a plurality, 49-38%, support Biden’s plan.”
Sixty-one percent of Republicans think the plan goes too far, while 53% of Democrats say it’s “about the right approach.”
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