Forty-three million Americans — or about one in six adults — owe some form of federal student loans. The most recent data from the Survey of Consumer Finance shows that as of 2019, the median US household owed $25,180[1] in loans.
President Joe Biden announced a one-time student loan cancelation plan in fall 2022 that would forgive $10,000 in student debt for many Americans with government-held loans. The amount of relief doubles to $20,000 for those with Pell grants who qualify.[2] So far, 26 million borrowers have applied for relief or have been approved for student loan forgiveness. But the student loan relief plan is on hold while the Supreme Court reviews legal challenges.
