We estimate the economic impact of student debt cancellation on borrower financial outcomes using a nationally-representative credit panel and a staggered difference-in-differences/event study framework, comparing cohorts of borrowers whose student loans were canceled in 2021-2024 to a control group consisting of borrowers with active student loans. We estimate a 1.5 percentage point increase in homeownership, a 19 point increase in credit score, a $756 increase in auto debt, and a 1.9 percentage point reduction in credit utilization, among other outcomes. Our findings shed light on the effect of student debt holding constant educational attainment, variation in which confounds most estimates.

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