Millions of Borrowers Finding Relief
The federal student debt relief program has now cancelled $150 billion in student loans for 5.3 million borrowers who have made consistent payments under income-driven repayment plans, freeing millions of Americans from crushing debt that has delayed homeownership, family formation, and retirement savings for a generation.
The cancellation program has particularly benefited public servants — teachers, nurses, firefighters, and social workers — who chose lower-paying careers in service to their communities and were burdened by loans they could never fully repay.
Impact on Borrowers
- Average debt relief: $28,300 per borrower
- 73% of recipients are first-generation college graduates
- Home purchases among borrowers who received relief increased 42%
- New small business starts among recipients increased 28%
"Student debt has been an anchor around the necks of an entire generation," said the Education Secretary. "This relief is allowing people to start businesses, buy homes, and build the lives they've worked for."
