Joe Biden's Student Loan Forgiveness Plan Suffers Blow

Support for President Joe Biden's student loan forgiveness plan has fallen in the past month, according to a poll conducted exclusively for Newsweek.

If enacted, Biden's plan would cancel $10,000 in federal student loan debt for those making less than $125,000, or households with less than $250,000 in total income, per year. Pell Grant recipients would get an additional $10,000 of debt forgiven.

Republican-led states and lawmakers in Congress have opposed the plan, citing its hefty price tag and calling it a violation of Biden's executive authority. The U.S. Supreme Court, dominated by conservatives, is reviewing a legal challenge that could eliminate the program, and a decision is expected this summer.

A new poll by Redfield and Wilton Strategies, conducted on behalf of Newsweek, shows support for the plan has dropped in recent months.

The poll, which surveyed 1,500 eligible voters in the United States between June 10 and 11, found 52 percent of Americans support the plan, half of them "strongly"—down from 62 percent who said they backed it in a poll conducted in May.

The number of respondents who said they opposed the plan has almost doubled to 27 percent since the poll in May. Meanwhile, 19 percent said they neither support, nor oppose, the plan.

As with previous polls, the latest survey also found that support was highest among younger Americans.

Support among those aged 18 to 24 remained steady, with 64 percent saying they support the plan. Sixty-seven percent of those aged 25 to 34 said they backed the plan—down from 76 percent in May.

Support from those aged between 55 and 64 also dropped, with only 44 percent saying they backed the plan, compared with almost half in the earlier poll. Support among those aged 65 and over plummeted, with just 30 percent saying they still support it.

However, support from Biden voters has remained steady at 70 percent, while far fewer people who voted for Donald Trump in 2020— just 34 percent—say they support the plan compared to earlier surveys. In the May survey, 48 percent of Trump voters said they backed the plan.

The decline in support for the forgiveness plan could be attributed to the discourse surrounding the debt ceiling agreement Biden reached with House Speaker Kevin McCarthy at the end of May.

The legislation, passed by Congress and signed by Biden earlier this month, suspends the nation's debt limit until 2025 and restricts government spending.

The new poll found that 52 percent of Americans believe the government is spending too much, while just 8 percent thought the government was spending too little.

It also showed that 58 percent think the government can't afford to take on more debt, while just 23 percent believe the government is in a position to do so.

"The first reaction to a government giveaway is always positive because Americans are generous and want to help others in need," Heritage Foundation economist Diana Furchtgott-Roth told Newsweek.

"Once people have heard more information, and find out that the program would add $400 billion to the debt; that it would help new business, medicine, and law graduates who will have high-earning careers; that the program would be paid for by low and middle income Americans who have not been to college; and that there are other programs to help those with college debt; then support wanes."

Update 06/15/23 at 4:23 a.m. ET: This article has been updated with comment from Diana Furchtgott-Roth.