Although the majority of borrowers say they are likely to boycott student loan payments, many are taking on extra work to prepare for the payment resumption in October
SEATTLE, Aug. 21, 2023 /PRNewswire-PRWeb/ -- Intelligent.com, a trusted resource for online degree rankings and higher education planning, has published a recent survey report that investigates how many federal student loan borrowers would participate in a loan payment boycott. The report also shares insight into how the issue of loan forgiveness impacts borrowers' voting decisions in the 2024 presidential election. Researchers gathered and analyzed survey responses from 1,000 federal student loan borrowers in the United States.
Survey results show that 62 percent of federal student loan borrowers are 'somewhat' or 'highly' likely to participate in a boycott, while 38 percent are 'somewhat' or 'highly' unlikely to boycott. Forty-five percent of respondents say that a boycott is 'somewhat' or 'highly' likely to lead to total loan forgiveness. Likewise, 3 in 4 say a boycott would be 'somewhat' or 'highly' likely to help elect politicians in favor of loan forgiveness.
Among respondents who are likely to boycott, 82 percent admit they are 'somewhat' or 'highly' concerned about the potential consequences of not making payments toward their loans. Despite the possibility of boycotting, 71 percent of all respondents are taking on additional work to prepare for the resumption of loan payments. Fifty percent say they have or plan to start a side hustle, 34 percent say they have or will take on more hours at their current job, and 20 percent say they have or will get an additional job.
Professor and higher education advisor, Diane Gayeski, says "For most students, debt is a reality. However, how they perceive their financial situation in general has a critical impact on how it affects their lives, choices, and progress in college. Research has found that students perceive debt quite differently – and a lot of it depends on the financial literacy they've developed through conversations with their parents or other influential sources. Many students who try to avoid loans struggle to try to work their way through college, and therefore may get less out of the experience."
Survey results also indicate that 91 percent of respondents are 'somewhat' or 'highly' likely to vote in the 2024 presidential election. Of this group, 8 in 10 say a candidate's views surrounding student loans would 'somewhat' or 'strongly' influence' their decision to vote for them.
This survey was commissioned by Intelligent.com and conducted online by the survey platform Pollfish on August 9, 2023. One thousand respondents completed the full survey. To qualify for the survey, all participants must have completed high school or higher and currently have federal student loans. The age of respondents was balanced to reflect the demographics of student loan borrowers. To view the complete report, please visit https://www.intelligent.com/6-in-10-federal-student-loan-borrowers-likely-to-boycott-payments-this-fall/.
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SOURCE Intelligent.com
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