Survey: 67% of America’s small businesses say student loan relief needs to come from colleges and universities, not the taxpayers.
With the Biden Administration forgiving 23 million Americans’ student loans, US small business owners recently weighed in by asking why endowment-cash-rich US colleges and universities aren’t footing the bill. These same institutions, which have raised fees to soak up funds from these loans, now have an estimated combined $950 billion in endowment funds.
“Business owners are asking why taxpayers are on the hook to pay off student loan debt, when the colleges are hoarding nearly $1 trillion in endowment cash,” said RedBalloon CEO Andrew Crapuchettes. “Small business owners feel the higher education system has lost its way, and they aren’t interested in paying off debt for students who bring little value to the workplace.”
According to a recent survey of over 70,000 small businesses, 67% say “congress should require all future student loan relief to come solely from college endowment funds.”
That also comes on the heels of findings that 9 in 10 small business owners feel colleges have lost their way and are not “graduating students with relevant skills that today’s business community needs.”
39% of small businesses say that having a 4-year degree listed on a job seeker resume “makes no difference” in their hiring decision, while another 41% said its now a net negative to their hiring decision.
