How will student loan forgiveness influence the 2024 election? The $1.7 trillion question

Nearly 1 in 5 Americans said student loans will have a major influence over their vote for in the presidential election, a Bankrate survey found. More than 40 million borrowers owe a total of $1.77 trillion in loans, according to the Federal Reserve. 

Former President Donald Trump and President Joe Biden have taken different approaches toward student debt. The Biden administration has introduced several student loan relief initiatives during his time in office; most recently, in May, the administration announced an additional $7.7 billion in forgiveness for undergraduate loan holders. His administration has forgiven a total of $160 billion in loans for nearly 4.6 million borrowers.

Trump applauded the Supreme Court for overruling Biden's loan forgiveness program last year. He had supported income-driven repayment plans that would base student loan repayments on borrowers' household income and family size, according to reporting from Forbes.

The survey found that of respondents who have student loans, 29% said it would have a major influence on their vote this November.

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College tuition and student loans continue to rise

The average cost of an undergraduate degree ranges from $25,707 to more than $218,000, according to the Education Data Initiative. The price varies and depends on whether a student lives on campus and the institution they're attending.

According to the most recent data from the Education Department, the average tuition at a four-year private nonprofit university increased 14% from fall 2010 to fall 2021.

As the cost of college rises, so does the national student loan balance. According to the Federal Reserve, the balance has increased by 66% over the past decade.

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Average student loan debt by state

The average student loan debt ranges from $18,344 in Utah up to $39,928 in New Hampshire for the graduating class of 2020, according to The Institute for College Access and Success. 

Here’s a state-by-state look at the average student loan debt for college graduates:

Many Americans call student loan debt a national crisis

The Bankrate survey found that 27% of Americans said the federal government has not done enough to help with student debt. Close to a third of Americans called student loan debt "a national crisis."

Bankrate analyst Sarah Foster wrote, "Borrowers in Bankrate polls dating back almost a decade indicate that their debt is casting a dark shadow over their financial lives, impacting their ability to achieve the same financial milestones as generations before them."

The survey found that nearly a quarter of respondents with student debt do not expect to ever be able to pay off their student loan debt.