WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) issued its first results from its Student Loan Borrower Survey, providing insights into the effects of student loan debt relief programs and the challenges borrowers face in navigating repayment options. The survey, conducted between October 2023 and January 2024, gathered data from a representative sample of student loan borrowers as the federal student loan payment pause ended and many borrowers returned to repayment. The report found nearly 61% of borrowers who received debt relief reported positive life changes. In addition, nearly 42% of federal student loan borrowers have only ever used the standard repayment plan, with many unaware of alternative options that could help lower their payments.

“Our survey reveals that student loan debt relief has been a lifeline for many borrowers, allowing them to make positive changes in their lives,” said CFPB Director Rohit Chopra. “However, it’s clear that many borrowers are struggling with repayment, and there is more work to be done to ensure repayment options are accessible and effective.”

The CFPB designed the Student Loan Borrower Survey to gather comprehensive data on borrowers’ experiences with repayment, loan servicers, federal programs, loan forgiveness, and discharges. This data will help inform policy decisions and help identify areas where borrowers may need additional support.

Click here to read the full report...