Student Loan Forgiveness Impacts on Expatriation
The Biden administration is canceling $1.2 billion in student debt for over 150,000 borrowers, sparking widespread interest and speculation—especially among Americans saddled with these debts. How are they reacting to the possibility of debt liberation, or being passed over for forgiveness? How many are considering life-changing moves out of the US as a result, and how is the new plan affecting digital nomads working outside the country?
Our survey of student loan borrowers and digital nomads sheds light on how these possibilities could affect their life choices and political affiliations. This article unpacks our findings, revealing debt relief’s potential impacts.
Key Takeaways
- More than half of Americans with student loans aspire for student loan forgiveness.
- 1 in 10 would consider leaving the US and becoming an expat if their loan isn’t forgiven.
- Student loan debt gives 50% of Americans with these debts anxiety.
- More than 1 in 10 digital nomads outside the US who have student loan debt say it makes them less likely to return to the US.
- Due to financial constraints, student loan debt impacts destination choices for more than 2 in 5 digital nomads.
American Student Loan Borrower Sentiments
- More than half of Americans with student loans aspire for student loan forgiveness.
- 1 in 10 would consider leaving the US and becoming an expat if their loan isn’t forgiven.
- Student loan debt gives 50% of Americans with these debts anxiety.
- Of Americans with student loans, 9% have had theirs at least partially forgiven.
- More than 1 in 20 Americans (6%) would change their political affiliation if their loans weren’t forgiven.
Digital Nomads With Student Loan Debt
- More than half of digital nomads with student loan debt aspire for forgiveness:
- 39% for total forgiveness
- 12% for partial forgiveness
- More than 1 in 10 digital nomads outside the US who have student loan debt say it makes them less likely to return to the US.
- Student loan debt impacts destination choices for more than 2 in 5 digital nomads due to financial constraints.
Methodology
We surveyed 532 Americans with student loan debt and 470 digital nomads (36% of whom had student loan debt) living outside the US.
About Greenback Expat Tax Services
Greenback Expat Tax Services specializes in simplifying the tax filing process for American expatriates. We offer a range of services, including federal and state tax return preparation, foreign bank account reporting, and consultations, all tailored to meet the unique needs of US expats living abroad.
Fair Use Statement
Readers are welcome to share these findings about student loan debt impacts on Americans and digital nomads for noncommercial purposes, provided that they include a link back to this page for reference.
