WASHINGTON, DC (KFOR) – A new survey from ParentsTogether Action shows that an overwhelming amount of parents found the repayment pause helpful and made a positive difference for their families.

The pause began in March 2020 and gave 42 million student loan borrowers a pause from monthly payments that gained interest during the pandemic.

If President Joe Biden lets the pause expire at the end of August, 50% said they would not be about to meet basic financial needs.

Specifically, ParentsTogether Action’s survey found that: 

  • 64% of parents with student loan debt said that if student loan payments resume without substantial cancellation, they were ‘very worried’ about their family’s ability to make ends meet.
  • 73% of parents with student loan debt said the pause on repayment was “helpful” or “made a huge difference” for their families
  • 50% of parents responding to the survey said if the pause ends, they would be no longer able to meet their family’s basic financial needs, with the ability to afford food (34%) and the ability to meet rent (30%) most impacted. 41% said they would have to work more hours or get a new job to try to make ends meet.
  • 80% of respondents owed more than $10,000 in debt. 33% said student loan debt has prevented them from buying a home, 60% said it has impacted their ability to save for the future. 
  • 25% reported that before the payment pause, their families had to cut back on essentials like food, health care, or rent in order to afford their loan payments.
  • 87% of respondents said they worry about their own child’s financial ability to get higher education.
  • 51% of respondents said that if President Biden were to forgive $10,000 in debt, it would make a huge difference for their families. If he were to forgive $50,000 in debt, that number jumped to 84%.
  • If President Biden took action to forgive $10,000 in student loan debt, 41% of respondents said they would be more likely to vote for Democrats in the 2022 midterm elections. If he forgave $50,000 in student loan debt, 57% said they would be more likely to vote for Democrats. 

“The last thing parents struggling to provide for their kids need right now is yet another bill. Doing away with the student loan pause would be catastrophic to millions of American families, and it’s long past time for President Biden to extend it – and make good on his promise to cancel student debt. Parents have told us loud and clear this is a winning issue for Democrats – he shouldn’t wait any longer to act.” 

Ailen Arreaza, Director of ParentsTogether Action