By Kristin Myers, Editor-in-Chief

ICYMI: Most US Adults Don't Want To Cancel Student Loans

In case you missed it, student loan cancellation is an unpopular policy move, according to a survey from The Balance. Only 41% of adults in the U.S. support canceling all student loan debt, despite repeated calls from politicians to erase up to $50,000 of federal student loan debt for millions of Americans. Currently, borrowers owe over $1 trillion in student loan debt, while the average federal student loan balance totals over $37,000.

Last week, President Joe Biden announced another extension to the pause on federal student loan repayments, this time through the end of August. The move is expected to help the millions of student loan borrowers who could face financial difficulties without it, according to the statement from the White House.

Though student loan cancellation remains a widely unpopular initiative, there are clear generational divides: Our survey found that younger respondents overwhelmingly support the policy, compared to older generations.

Millennials (ages 26 to 41) and members of Gen Z (ages 18 to 25) backed student loan cancellation the most, with over half of millennials and Gen Zers saying they think the federal government should cancel all student loans. Baby boomers and older adults (ages 58 and older) showed the least support, with just 20% agreeing student loans should be canceled.

However, education was still in the top three most important issues for every generation except boomers and older individuals. This group showed the lowest enthusiasm for policy proposals supportive of college-bound students, particularly for expanding federal college grants to DREAMers (a person living in the U.S. without official authorization since coming to the country as a minor), which was only backed by 27%.

- Kristin

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Off the Charts

Consumer sentiment is closely watched by economists because it tends to predict how much people are willing to spend—a major factor in gauging the health of the economy. This month, the University of Michigan's Consumer Sentiment Index erased the slump it took in February and March, but remained at a relatively low level, largely because of worries about inflation.

For The Balance's second Financial Literacy Month IG live series, we're discussing the topic of building (generational) wealth. Join our Editor-in-Chief, Kristin Myers with featured guest Kara Stevens, finance coach, speaker and author. The event is on Tuesday, April 19 at 12 p.m. EST. Follow us on Instagram to get updates on The Balance's live events this month!

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