According to the Federal Reserve, over 45 million Americans collectively have over $1.7 trillion in student loan debt. A new survey from Bankrate shows that 1 in 5 American adults claim that student loan debt will majorly influence their vote in the 2024 presidential election.
Bankrate Principal US Economy Reporter Sarah Foster joins Wealth! to break down the survey and shed light on how that debt will impact the upcoming election.
"Interestingly enough, we polled Americans last year on how they’re feeling about whether the federal government has done enough to financially help them. You know, about half of borrowers said, no, they haven’t done enough. That’s fallen to about 35% today. So I think what’s happening here is borrowers are recognizing that the administration is trying to help them. But of course, it’s really like that rescue ladder that’s being lowered into the water to help them when they’re drowning in debt. And then as soon as they think it’s there for them, it’s yanked away," Foster tells Yahoo Finance.
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