Almost half of all voters, or 48%, say canceling student loan debt is an important issue to them in the 2024 presidential and congressional elections, a new survey finds.

Among younger people, 70% of Gen Z respondents said the action was "very" or "somewhat" important in the election, and 72% of Black voters and 68% of Hispanic voters believe the same.

The poll of 3,812 registered voters, including 2,601 Gen Z and millennial respondents, was conducted between March 15-19 by SocialSphere, a research and consulting firm.

"This survey shows that most voters, regardless of age, believe that taking a loan to pay for education should not result in a lifetime of debt," said John Della Volpe, CEO of SocialSphere and director of polling at the Harvard Kennedy School Institute of Politics. The report was released by Protect Borrowers Action, an advocacy group.

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Outstanding education debt in the U.S. stands at roughly $1.6 trillion, and burdens Americans more than credit card or auto debt. The average loan balance at graduation is around $30,000. A quarter of borrowers were behind on their payments before the payment pause enacted during the Covid pandemic.