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Market
Impact of student debt cancellation on 2024 election outcomes
5
Resolution / Starting Odds
Democrats gain seats • 33%
Republicans gain seats • 33%
No significant change • 33%
Election results and political analyst reports
Story
Biden Cancels $7.7 Billion in Student Debt for 160,000 Borrowers, Total Relief Reaches $167 Billion
May 22, 2024, 03:00 PM
President Joe Biden announced on Wednesday the cancellation of $7.7 billion in student debt for 160,000 borrowers. This latest round of debt forgiveness brings the total amount of student debt canceled by the Biden administration to $167 billion, benefiting nearly 5 million Americans. More than 1 in 10 Americans with federal student loans have received some measure of debt relief, averaging $35,000 per borrower. The relief includes $5.2 billion for 67,000 Public Service borrowers, $613 million for 54,000 SAVE Plan borrowers, and $1.9 billion for 39,000 income-driven repayment borrowers. Despite facing legal challenges from Republican states and criticism for shifting the burden to taxpayers, as well as a previous Supreme Court ruling against similar actions, the Biden administration continues to pursue measures to alleviate the student debt burden on households.
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Significantly positive for Democrats • 25%
Moderately positive for Democrats • 25%
Neutral impact • 25%
Negative impact for Democrats • 25%
Positive for Democrats • 33%
Negative for Democrats • 33%
No Significant Impact • 34%
Increases Democratic votes • 33%
Benefits Republican opposition • 33%
No significant impact on election • 34%
Strongly support • 25%
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Strongly oppose • 25%
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Decrease • 33%
Remain the same • 34%
Democrats gain seats • 33%
Republicans gain seats • 33%
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Significant negative impact • 33%
No significant impact • 33%
Unexpected positive impact • 34%
Republicans Gain Seats • 33%
Democrats Gain Seats • 33%
No Significant Change • 34%
Increase GOP seats • 33%
No change in seats • 33%
Decrease GOP seats • 33%
Boosts Democratic incumbents • 33%
Hurts Democratic incumbents • 33%
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Positive Impact • 25%
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Uncertain • 25%
Gain seats • 33%
Lose seats • 33%
No significant change • 34%