The End of Student Loan Relief: Another Headwind for Consumer Spending
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US Consumer Confidence

The End of Student Loan Relief: Another Headwind for Consumer Spending

/ Quick Take

The federal student loan relief measures taken in the wake of the COVID-19 pandemic have come to an end. For the 17% of US adults with student loan debt as of 2024, this means lower disposable income and, in the case of late payments, lower credit scores. In July 2025, we asked 3,000 US consumers how they may be affected.

The federal student loan relief measures taken in the wake of the COVID-19 pandemic have come to an end. For the 17% of US adults with student loan debt as of 2024, this means lower disposable income and, in the case of late payments, lower credit scores. In July 2025, we asked 3,000 US consumers how they may be affected.

Trusted Insights for What’s Ahead®

  • Consumers are especially concerned about the impact of the recent changes in the federal loan programs on their ability to spend (close to half). They say these changes will also reduce their ability to borrow and service other loans. Overall, this will add to other headwinds for consumer spending in 2025.
 
Figure 1

Consumers with student loan debt are concerned about future spending power

Q: The collection and reporting changes of student loans will reduce my or my household’s....

Consumers with student loan debt are concerned about future spending power

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