New survey: Half of millennials would give up their right to vote to have their student loan debt forgiven

Vote sign photo/ Leslie Andrachuk via pixabay

42.3 million Americans owe a total of $1.33 trillion in federal student loans, according to the U.S. Department of Education. 20-somethings pay on average $351 a month, reports the Federal Reserve. The median monthly payment for that age range is $203.

A new survey from Credible, conducted through Pollfish, finds that millennials, ages 18 to 34, would be willing to sacrifice their right to vote to be free of this debt.

The results show 49.8% answered yes to “Giving up your right to vote in the next two presidential elections,” as details by the MSNBC coverage of the survey. 43.6% would give up ride sharing, 42.4% would not travel outside of the U.S. for five years with only 27% willing to move in with their parents for five years. Most Millennials are NOT willing to give up their texting and messaging abilities (only 13.2%)  and only 8.2% were not willing to give up anything and would just pay the loans.

According to Tufts University’s Center for Information and Research on Civic Learning and Engagement, only 50 percent of 18- to-29-year-olds actually turned out to vote in the 2016 presidential election .

Credible published a massive study showing where the student loan debt is hitting the hardest, examining the 23 most populous cities in the U.S. based on U.S. Census data.

5 cities where student loans borrowers struggle the least with debt:

• 1. Dallas, TX
• 2. Jacksonville, FL
• 3. Houston, TX
• 4. Columbus, OH
• 5. Austin, TX

Not matter the city, “nearly 27 percent of borrowers’ average monthly income is eaten up by their monthly housing payment and their monthly loan payment alone.”

Credible notes that “That’s not all that different from the cities at the very bottom of our list — San Jose, Fort Worth, and Boston — where more than 30 percent of borrowers’ average monthly income is dedicated to loan and housing payments.”

It’s no surprise then that Vermont Senator Bernie Sanders was able to tap into this group for votes and support by announcing a platform set to make college education “free,” paid for by all of the tax payers.

Seventy percent of college grads borrow to obtain their degree, and the average debt load among those who borrow is $37,173, according to Cappex.com publisher Mark Kantrowitz.

Credible offers borrowers the opportunity to compare student loan refinancing offers from multiple lenders with a simple, free tool. Borrowers who have refinanced their loans through Credible save an average of nearly $19,000 over the life of their loans.

 

photo via Flickr stockmonkeys.com