Total student loan debt in the U.S. fell to $1.57 trillion in the third quarter of 2022 from $1.59 trillion in the second quarter. That's the largest decline in at least 20 years, according to data from the New York Federal Reserve's Household Debt and Credit Report.
It's a small drop, but it's still "very significant," says Jacob Channel, senior economist at LendingTree. The Fed credits it to student loan relief efforts enacted by the Biden administration, such as revamping the Public Service Loan Forgiveness (PSLF) program and discharging the debt of many attendees of fraudulent schools.
