A third of student borrowers spent money they thought would be forgiven: poll
Adam Barnes
More than a third of student loan borrowers spent money they otherwise would not have when they believed a portion of their debt would be forgiven by the Biden administration, according to a new poll.
Most borrowers surveyed by Intellingent.com were confident they would receive some student debt relief as part of the Biden administration’s plan to forgive at least $10,000 for federal borrowers and up to $20,000 for those who received a federal Pell Grant while in school.
The Supreme Court struck down the president’s forgiveness plan at the end of June.
The survey conducted from July 6 to July 10 measured the responses of 977 respondents who qualified for Biden’s student loan forgiveness program
Among borrowers who spent additional money expecting some debt relief, 9 percent spent between $5,000 and $7,501 extra, while another 17 percent spent $5,000 more than they would have had they not expected forgiveness, the poll found.
Borrowers used what they believed would amount to extra money in their pockets on a range of items, though 37 percent said they paid off other debts. Others used the funds on home repairs and rent payments.
more
https://thehill.com/business/4093747-a-third-of-student-borrowers-spent-money-they-thought-would-be-forgiven-poll/