Gen Z Insights Briefing: Pupil Views on Pupil Debt Forgiveness
Each month, ScholarshipOwl conducts a survey to develop a deeper understanding of Gen Z. In March, we delved deeper into scholar views on the Biden Administration’s plan for scholar debt forgiveness. This survey is a follow-up to our February survey that targeted on the affect of scholar debt on Gen Z.
Who participated within the survey?
In March 2023, ScholarshipOwl surveyed over 11,000 highschool and faculty college students on the ScholarshipOwl scholarship platform to learn the way the Biden Administration plans for scholar debt forgiveness may affect them. We additionally polled college students on whether or not or not they believed the plan would really go into impact. A complete of 11,033 college students responded to the survey.
Background
Underneath the Biden Administration’s proposed one-time scholar debt cancellation plan, people should meet each of the next standards to be eligible for debt forgiveness:
- You should have taken out a number of federal scholar loans previous to July 01, 2022;
- Your annual earnings have to be lower than $125,000 for people, or lower than $250,000 for married {couples} or heads of family
At present, the plan has been placed on maintain pending court docket instances which have challenged the plan. The Supreme Court docket is anticipated to announce their selections in June 2023. Within the meantime, college students and households who meet eligibility standards should await these selections that can considerably affect their monetary future.
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Survey questions
The primary survey query was “Do you assume that the federal scholar debt cancellation plan proposed by the Biden Administration will occur?” Test for scholarships
Greater than two-thirds (67%) responded that they didn’t assume that the proposed plan would go ahead.
As a follow-up query, we requested, “If the Biden Administration scholar debt cancellation plan is ready to transfer ahead, will you have got any scholar loans that will be eligible for forgiveness?” Slightly below half of the respondents (42%) stated that they might have a number of loans that will qualify for forgiveness below this plan.
The ultimate survey query was designed to find out what stage of mortgage forgiveness the respondents might probably qualify for – as much as $10,000 for college students with a number of qualifying scholar loans, or as much as $20,000 for college students who had obtained a Pell Grant. We requested survey members “Have you ever ever obtained a Pell Grant?” Amongst those that have been surveyed, 29% of respondents had obtained a Pell Grant, and would then be eligible to obtain as much as $20,000 in scholar mortgage forgiveness if in addition they had taken out qualifying scholar loans.
Key Takeaways for Gen Z college students
The survey outcomes point out that almost all of respondents don’t imagine that the Biden Administration’s plan for one-time scholar debt forgiveness will transfer ahead; nevertheless, this doesn’t imply that they don’t need it to occur. In truth, a ballot accomplished on behalf of Newsweek in March 2023 that surveyed registered voters reveals that 62% of People assist the Biden Administration scholar debt forgiveness plan. Youthful members overwhelmingly supported the plan, with 71% of these aged 18 to 24 and 82% of these aged 25 to 34 backing the plan. What is probably most shocking is that fifty% of those that voted for Donald Trump within the 2020 election additionally assist the Biden Administration’s plan for scholar mortgage forgiveness.
Our survey additionally demonstrates that just about half of in the present day’s college students would qualify for some quantity of scholar mortgage forgiveness, with 29% qualifying for as much as $20,000 in forgiveness – if the plan is ready to transfer ahead. Nevertheless, given the realities of the present political local weather, it’s crucial that those that have scholar loans not depend on the hope of mortgage forgiveness. Much more importantly, those that are nonetheless at school ought to keep away from taking over new debt if in any respect attainable, and give attention to paying for faculty with scholarships, federal and state grants and earnings from employment. These are the perfect sources of funds to pay for faculty, and to keep away from graduating with the burden of debt.
Manufacturers can supply a brand new answer
Whereas college students can earn scholarships to pay for faculty, the truth is that there aren’t practically sufficient scholarships accessible to fulfill the wants of scholars who’re making use of for them. Manufacturers may also help by providing scholarship campaigns that assist college students, whereas additionally fulfilling their enterprise and philanthropic targets. By way of the ScholarshipOwl for Enterprise platform manufacturers can rapidly and simply create and launch their scholarship campaigns, reaching the hundreds of thousands of scholars who apply for scholarships on the ScholarshipOwl platform. This not solely advantages college students, but additionally helps manufacturers construct relationships with Gen Z, supporting their advertising and marketing and communication targets.
To search out out extra about creating and launching a scholarship marketing campaign, go to enterprise.scholarshipowl.com.
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