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Half of US millennials would give up right vote to wipe out their student loans

Student debt has soared to a staggering high of $1.33 trillion according to the Department of Education

Ben Chapman
Thursday 14 September 2017 16:31
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President Donald Trump has ordered a re-write of rules drawn up by the Obama administration that sought to better protect students
President Donald Trump has ordered a re-write of rules drawn up by the Obama administration that sought to better protect students

Half of all millennials in the US would give up their right to vote in order to get rid of their student loan, new research has found.

Student debt has soared to a staggering high of $1.33 trillion according to the Department of Education, leaving millions of Americans struggling under the burden of repayments.

According to a new survey from personal finance website Credible, 50 per cent of 18 to 34 year-olds questioned in the US said they would sacrifice their vote at the next two presidential elections in order to wipe the slate clean on their college debt.

That was higher than the proportion of students who said they would forego ride-sharing services like Uber or Lyft (44 per cent), and double the amount who said they would be willing to move back home with their parents.

Just 8.2 per cent said they would chose to keep paying the debt in full and not give up anything.

The news comes a day after The Associated Press obtained court documents showing that 65,000 former students, who say they were swindled by for-profit colleges, are being left in limbo as the Education Department delays action on requests for loan forgiveness.

President Donald Trump has ordered a re-write of rules drawn up by the Obama administration that sought to better protect students.

Mr Trump’s own university, named after himself, earlier this year paid $25m to settle charges that it misled customers.

UK students have also been struggling under the crippling weight of student debt as fees have risen sharply over the last decade.

In January, experts from the Intergenerational Foundation charitable think tank estimated that the average graduate will owe almost £60,000 in tuition fees alone even 30 years after leaving university.

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