Congratulations taxpayers, your hard-earned money is going to bail out student loan borrowers so they can go out to eat more, go on vacation, and buy clothes, smartphones, alcohol and drugs.
To find how recipients would use the extra money they would have each month, Intelligent.com surveyed 1,250 individuals who have applied or plan to apply for Biden’s student loan forgiveness program.
- 73% of applicants say they are likely to spend their extra money on non-essentials, including vacations, smartphones, drugs/alcohol
- 2x as many Democrats than Republicans say it’s acceptable to spend the money on non-essentials
- 4 in 10 say student loans haven’t negatively affected their lives
3 in 4 applicants plan to spend extra money on non-essentials
Overall, 73% of applicants say they are likely to spend their extra money on non-essential items and a plurality (52%) said they are ‘very likely’ or ‘likely’ to buy new clothing and accessories. Using the money for a vacation (46%) or eating out at restaurants (46%) were also popular answer choices.
Additionally, applicants say they are likely spend the extra money on:
- Smartphone (44%)
- Investing in the stock market (43%)
- Gifts (42%)
- Gaming system (36%)
- Wedding (30%)
- Drugs/Alcohol (28%)
- Gambling (27%)
73% feel that using student relief to buy non-essential goods is wrong, but many plan to do it anyway.
Nearly twice as many Democrats than Republicans feel spending on non-essentials is an acceptable thing to do (12% vs 7%).
Many also say they may use the money on essential purchases. The plurality (75%) will put the money toward groceries, 66% rent/mortgage payments, 65% credit card debt, 62% transportation-related costs, 60% medical care/debt, and 40% childcare.
Men are more likely to say student loans haven’t had a negative impact (47% vs 34%).
Biden’s student loan bailout, which would put taxpayers on the hook for up to $10,000 in federal student debt for each borrower, and offer an additional $10,000 bailout to borrowers who received Pell Grants, was temporarily blocked on Friday, October 21 by a federal appeals court.
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