College Insights report

COLLEGE 2030 Pulse Check: Students Weigh in on Biden Administration’s Loan Forgiveness Plan

BNC surveyed 1,214 college students across the U.S., during the first weekend of September (9/3-9/6), and found that while the majority of students have loans, some are unsure if they qualify for the loan forgiveness program and the majority don鈥檛 know what the process is to apply for forgiveness.
student loan forgiveness survey

What Students Told Us

The survey found that over half (57%) of college students indicated they have student loans, while 43% said they did not.

When asked if they qualified for loan forgiveness, about two-thirds of students (65%) who have student loans indicated they qualify for the student loan forgiveness plan. However, nearly one-fourth (24%) were unsure.

And when asked if the Administration鈥檚 loan forgiveness plan is unfair to those who have already paid their debt, students were divided, with 38% of students agreeing it was unfair and 42% disagreeing.

Download the infographic

What you鈥檒l learn in this report

Process for Applying

61% of students who have loans said they don鈥檛 know the process to apply for student loan forgiveness, 22% were unsure and only 16% indicated they knew the process to apply.

Cancel More

60% of students agreed that instead of a one-time loan cancellation, the Administration should cancel interest rates on student loans for all borrowers 鈥 while 58% believe the Administration should cancel all current student loan debt.

Trust it Will Happen

73% of students said they were either unsure or did not trust the government to follow through and cancel student loans for qualified borrowers.

Read the latest COLLEGE 2030鈩 – Emerging from the Pandemic: Reimagining Higher Education research report, which addresses mental health, career preparedness and how to foster an environment of diversity, equity and inclusion.

Learn More