--- title: 40% of Americans Believe Biden Will Cancel Some Student Loan Debt Before the Midterms description: When will President Joe Biden forgive student loans? Half of Americans think he'll cancel student loan debt in a year, if not sooner. authors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2022-05-19T15:03:14.000Z' modified: '2024-01-10T17:30:14.000Z' section: Personal Finance tags: - News - Student Loans word_count: 474 canonical: https://money.com/biden-student-loan-forgiveness-timeline/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Students in graduation ceremony](https://img.money.com/2022/05/News-How-many-People-Think-Biden-Cancel-Student-Debt.jpg?crop=0px%2C56px%2C2880px%2C1620px&quality=85) Most Americans believe President Joe Biden is going to cancel student loans — and a large portion also thinks he's going to do it soon. In a new poll from Money and decision intelligence firm Morning Consult, 40% of respondents said they thought it was very or somewhat likely that the Biden administration would [forgive](https://money.com/chances-biden-forgive-student-loans/) at least some student debt in the next six months. Another 39% said they thought it was unlikely to happen that quickly, and 20% said they had no opinion. (The numbers don't add up to 100% exactly due to rounding.) The Money/Morning Consult survey also asked Americans whether they thought it was likely Biden would forgive student loan debt at all. Some 56% of respondents said they believed he'd wipe out as much as $5,000 per borrower, though 21% said he would not. The rest didn't know or had no opinion. ## Timeline for student loan forgiveness So far, the president has avoided giving definitive answers about what he plans to do to help the nation's 44 million [student loan borrowers](https://money.com/student-loan-forgiveness-which-borrowers-benefit/). Though Biden [said while campaigning](https://money.com/biden-student-loan-forgiveness-promise/) that he'd wipe out $10,000 per person so young people don't have to bear the brunt of the COVID-19 crisis, he's since expressed hesitation about canceling loans via executive action. In late April, Biden [told reporters](https://www.nytimes.com/2022/04/28/us/politics/biden-student-loan-relief.html) at a White House event he was "considering dealing with some debt reduction,” though not at the $50,000 level [floated](https://www.warren.senate.gov/newsroom/press-releases/warren-schumer-pressley-colleagues-president-biden-can-and-should-use-executive-action-to-cancel-up-to-50000-in-federal-student-loan-debt-immediately) by some of his colleagues. At that same event, he mentioned he'd have answers "in the next couple of weeks." Federal student loan payments [are on pause](https://money.com/student-loan-pause-extended-september/) through Aug. 31, and some of Biden's aides [have suggested](https://money.com/student-loan-forgiveness-update/) he'll make a decision on forgiveness before then. The Money/Morning Consult survey, conducted between May 5 and May 9, asked 2,210 U.S. adults their thoughts on the trajectory. In general, the longer the timetable, the more people who felt certain [student loan forgiveness](https://money.com/how-student-loan-forgiveness-affects-inflation/) was on the horizon. Half of respondents said it was likely the White House would cancel student loans in the next year. And 54% said they thought it'd happen in the next two years, which is when Biden is set to end his first term in office. The collection of people who predicted forgiveness within six months was more or less balanced across age groups. Self-identified Democrats (50%) were more optimistic than Republicans (37%) to say Biden will cancel student loans by October. Also of note: If Biden does wait six months to wipe out student debt, that means the decision could land just before midterms, which [experts are already saying](https://www.politico.com/news/2022/03/18/student-loan-payments-debt-biden-00018586) could influence turnout. 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