The majority of Americans are concerned Biden student loan forgiveness will hike inflation.
Fox News is reporting that President Biden is expected to announce the $10,000 student loan forgiveness program Wednesday.
A majority of Americans think inflation will rise if President Joe Biden goes through with the program, according to a new poll.
The CNBC/Momentive survey found that 59% of those surveyed said they are concerned forgiving the debt will make inflation worse.
“Republicans are especially concerned: 81% of Republicans say student loan forgiveness will make inflation worse, nearly double the number of Democrats who say the same (41%),” Momentive said.
43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to federal data.
The poll comes as Biden faces a looming deadline. In March 2020, former President Donald Trump first suspended the loan repayments citing COVID-19. That suspension has since been extended several times, but it is now set to expire at the end of August.
Inflation hit the highest level in decades for several consecutive months in the last year before its growth leveled off, at least temporarily, in July.
The poll found Americans are largely split on whether loans should be forgiven.
“Looking ahead, 34% say loans should be forgiven for those in need, 32% say all student loans should be forgiven, and 30% say no student loans should be forgiven for anyone,” Momentive said. “These numbers, too, have held steady since January.”
The debts do not accrue interest while frozen.
Biden has yet to announce whether he will suspend repayments again or resume them.
The poll surveyed more than 5,000 adults online earlier this month.