https://www.intelligent.com/nearly-half-of-student-loan-forgiveness-recipients-will-use-relief-to-go-on-vacation/
Biden’s student loan relief plan, which would cancel up to $10,000 in federal student debt for borrowers, and offer an additional $10,000 of relief to borrowers who received Pell Grants, was blocked on Friday, October 21 by a federal appeals court.
Republicans argue that the Biden administration’s plan is “economically unwise and downright unfair,” and that the relief will not go to those who really need it.
To find how recipients would use the extra money they would have each month, in October, Intelligent.com surveyed 1,250 individuals who have applied or plan to apply for Biden’s student loan forgiveness program.
Key findings:
73% of applicants say they are likely to spend their extra money on non-essentials, including vacations, smartphone, drugs/alcohol
Men more likely than women to spend the money on non-essentials (84% vs 65%)
2x as many Democrats than Republicans say it’s acceptable to spend the money on non-essentials
77% of applicants say they could use money more wisely
4 in 10 say student loans haven’t negatively affected their lives