Interest in student loan forgiveness skyrockets
The number of monthly search queries for “student loan cancellation” reached 673,000 in February 2021, up from 110,000 in October 2020.
Search volume hit its first peak during the week of March 22-28, 2020, after the announcement of the payment break and interest waiver for the federal student loan.
Searches for “student loan cancellations” rose again after the November election and has been steadily increasing since, reaching a new peak in March 2021. The new peak is 50% higher than the previous peak in March 2020 The increased interest began after President Biden’s decision. inauguration, when the president extended the payment break and the interest exemption until September 30, 2021.
The only previous peak since 2004 occurred in June 2014, when President Obama announced the goal of expanding eligibility for the Pay-As-You-Earn (PAYE) reimbursement plan. The revised Pay-As-You-Earn (REPAYE) repayment plan became available in December 2015.
The timing of the peaks suggests that some borrowers are looking for “student loan cancellation” when looking for information on payment break and interest relief, while other borrowers are looking for information on student loan cancellation . Research on “Biden Student Loan Cancellation” increased dramatically after the presidential election.
Search volume is highest in northern states, such as North and South Dakota, Montana, Maine, Vermont, Minnesota, Nebraska, and Wisconsin.