Student Loan Forgiveness Could Be Reason Democrats Lose Midterm Elections

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Democrats may be the reason for student loan forgiveness lose midterm elections.

Here’s what you need to know – And what this means for your student loans,

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Now that student loan relief has been extended for another 90 days, student loan borrowers and student loan advocates are turning their attention to the ability to cancel student loans on a wider scale. Some say if President Joe Biden doesn’t cancel student loans for borrowers, it will be the biggest Mistake The midterm elections on November 8, 2022 could cost Democrats congressional seats. Others say student loan cancellation is poorly targeted public policy that could hurt Democrats in midterm congressional elections and drive away moderates and conservatives. No matter whether you support or oppose wide-scale student loan cancellation, student loans can play a role in congressional elections. (Student loans have been put on hold, but here are 6 things to do now).


Student Loan Cancellation: Necessary to Win Elections

Is Student Loan Canceling Next? The latest student loan headlines are dominated by claims that Biden will have to cancel student loans for borrowers. If not, it is argued that the Democrats will face heavy losses in the midterm elections. Several members of Congress, including Representative Alexandria Ocasio-Cortez (D-NY) and Rep. Ayanna Pressley (D-MA), have warned Biden that Democrats should make student loan forgiveness a major issue. (Biden extended student loan relief, but advocates really want to cancel student loans). They argue that Biden has a golden opportunity to exercise his clear authority under the Higher Education Act of 1964 to cancel student loans on a wider scale through an executive order. If he doesn’t, members of Congress say young student loan borrowers, in particular, won’t vote for Democrats. For example, if there is low turnout, Democrats could lose control of the US House of Representatives. (Here’s how to get student loan forgiveness during the Biden administration).


Student loan cancellation: The easiest way to lose an election

While some say canceling student loans is necessary, others say it is the biggest mistake Biden wants to keep in control of Congress. (Student loan borrowers will get $15 billion in student loan cancellation). Democrats have a minor majority in the US House of Representatives and the US Senate. While Democrats are likely to retain control of the Senate, it is possible that Republicans may gain control of the House. While student loan borrowers want to cancel student loans, it is not universally popular. There are 45 million student loan borrowers, and they represent only 20% of the adult population. While many may support wide-scale student loan forgiveness, the vast majority of Americans do not have student loans, have already paid them off or have never attended college. Student loan cancellation in purple counties also may not sit well with independents and financial conservatives. These voters often believe in individual responsibility and oppose social measures that redistribute wealth. Opponents of student loan cancellation also note that most young student loan borrowers would not vote for Republican – even if there was no widespread student loan cancellation – so they would not vote for Democrats’ threats or vote Republican blank. Looking forward to giving. (More student loan relief may be coming soon).


Student Loans: Student Loan Forgiveness Is Not Guaranteed

Will your student loans be canceled? Importantly, there is no guarantee that Biden or Congress will cancel student loans before the midterm election. (What Kamala Harris Means for Your Student Loans). It also doesn’t guarantee that Democrats will lose the election if Biden doesn’t cancel everyone’s student loans. While Democratic voters may support student loan forgiveness, Biden and Democrats in Congress also have to weigh the political pitfalls of implementing student loan forgiveness on a broader scale. They risk separatist moderates and conservatives, who may be needed to help Democrats maintain control of Congress.

As Congress weighs its next steps on student loans and student loan forgiveness, you should prepare to resume student loan payments. Student loan payment breaks won’t last long. Here are some smart ways to pay off student loans and save money:


Student Loans: Related Reading

Is Student Loan Canceling Next?

Student loan borrowers to get $15 billion student loan cancellation

Do This While Waiting for Student Loan Forgiveness

Biden Extends Student Loan Relief, But Advocates Really Want To Cancel Student Loans

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