A solid majority of New Yorkers back President Joe Biden's recent decision to have the government cancel up to $20,000 worth of federal student loans for millions of Americans according to a Siena College poll released on Wednesday.
The results of the survey showed that 56% of respondents overall support the plan, while 33% oppose it.
"Fifty-seven percent of New Yorkers say that canceling some student debt will allow many Americans to get out from under the burden of student loans and that debt relief will both help them and the economy," Siena College Research Institute Director Don Levy said in a press release, the New York Post reported.
Biden's plan also caps the amount any borrower must pay each month at 5% of their earnings.
But 35% disagree and say that canceling student loan debt will increase inflation and that this plan, which the White House says will cost $240 billion over the next decade, isn't fair to those that never had student loans, or to those that had loans and already paid them back, Levy added.
Despite that, the poll found that 65% of people who have already fully paid off their federal student loans back the plan, as well as 49% of those who never had any loans.
Other results from the survey include:
- Of those who currently have a loan balance, 73% back Biden's plan.
- While 82% of Democrats back the plan, 65% of Republicans oppose it, with only 26% supporting the plan. Among Independents, 46% oppose the proposal, while 38% back it.
The poll was conducted between Aug. 28 and Sept. 1 among 803 adults in New York state. The margin of error was +/- 3.8%.
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