We Now Know How Americans Feel About Biden's Loan Forgiveness Plan–And Fox News Won't Be Happy

Democratic President Joe Biden's job approval ratings increased after he announced his student loan relief plan.

His approval rating rose despite conservative critics arguing the student debt relief plan punished Americans who managed to avoid debt by paying off their student loans or never having any.

According to Quinnipiac University's national poll, 53% approved Biden's plan to cancel some federal student loan debt for Americans earning less than $125,000 a year.

Under the historic initiative, some eligible borrowers are forgiven $10,000 in federal student loan debt.

Qualifying borrowers who received a federal Pell grant while enrolled in college are eligible for up to $20,000 in debt forgiveness.

Wednesday's Economist-YouGov poll also revealed Americans favored Biden's student debt relief initiative, with 51% of respondents supporting student loan debt cancellation, while 39% opposed the initiative.

The poll additionally showed 80% of respondents who owe on student loans supported the Biden Administration while 51% of who paid off their loans disagreed.

Out of the respondents who never had student loan debt, 43% disagreed with the President's relief initiative.

Opinions were split by political party, with 80% of Democratic respondents supporting the student loan debt cancellation, while 71% of Republicans opposed it.

Independents were divided, with 44% supporting the plan and 42% opposing it.

Quinnipiac University's poll showed that 88% of Democrats and 53% of Independents favored Biden's plan, while 81% of Republicans disapproved.

Biden's plan was met with criticism on both sides of the political aisle, with the right arguing he was punishing Americans who paid off their student loans and the left expressing disappointment he did not do more.

Still, Biden's sweeping plan on student loans is being lauded as a fulfilled campaign promise benefitting millions of current and future American borrowers.

During a speech at the White House, Biden acknowledged there would be mixed reactions to his plan.

"I understand not everything I'm announcing is going to make everybody happy," he said.

"Some think it's too much—I find it interesting how some of my Republican friends who voted for those tax cuts think we shouldn't be helping these folks."

"Some think it's too little, but I believe my plan is responsible and fair. It focuses the benefit of middle-class and working families, it helps both current and future borrowers and it'll fix a badly broken system."