{"id":113489,"date":"2023-09-27T15:59:00","date_gmt":"2023-09-27T19:59:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=113489"},"modified":"2023-09-28T08:33:56","modified_gmt":"2023-09-28T12:33:56","slug":"student-loan-payment-restart","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/student-loan-payment-restart\/","title":{"rendered":"How the Student Loan Payment Restart Will Impact the Economy"},"content":{"rendered":"\n<p>When will the student loan payments restart again? Will the reduced spending damage the economy?<\/p>\n\n\n\n<p>The end of the federal student loan payment pause on October 1 could significantly impact borrowers\u2019 personal finances, spending, and the broader US economy. The long-term burden of student loan debt is expected to influence major life decisions for millions of borrowers.<\/p>\n\n\n\n<p>Continue below to learn about the potential impacts of the returning student loan payments.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-student-loan-payment-pauses-are-ending\">Student Loan Payment Pauses Are Ending<\/h2>\n\n\n\n<p>The US economy is bracing for impact as the COVID-era federal student loan payment pause <a href=\"https:\/\/www.wsj.com\/articles\/student-loan-borrowers-face-repayment-soon-cfos-are-watching-to-see-if-spending-takes-a-hit-5d8193f3?mod=hp_minor_pos8\" target=\"_blank\" rel=\"noreferrer noopener\">approaches its end on October 1<\/a>. With over 40 million Americans facing revived loan bills, fears are mounting that household budgets, consumer spending, and the overall economy will take a hit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-background\"><strong>Background<\/strong><\/h3>\n\n\n\n<p>Since March 2020, <a href=\"https:\/\/www.nerdwallet.com\/article\/loans\/student-loans\/data-student-loan-restart#:~:text=Consumer%20spending%20will%20slow&amp;text=Money%20that%20may%20have%20otherwise,over%20the%20past%20few%20years.\" target=\"_blank\" rel=\"noreferrer noopener\">over 40 million Americans<\/a> holding over $1.6 trillion in federal student loan debt have benefited from <a href=\"https:\/\/www.cnn.com\/2023\/06\/30\/investing\/student-loan-pause-ending\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">interest- and payment-free relief<\/a>. This reprieve\u2014initiated by President Trump and extended by President Biden in response to the Covid-19 pandemic\u2014combined with stimulus funds, enabled many borrowers to <a href=\"https:\/\/www.cnn.com\/2023\/06\/30\/investing\/student-loan-pause-ending\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">make rent and car payments, reduce debt, save, and boost spending<\/a>. This, economists assert, has helped the economy comfortably chug along.&nbsp;<\/p>\n\n\n\n<p>However, in September <a href=\"https:\/\/www.cnn.com\/2023\/06\/30\/investing\/student-loan-pause-ending\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">interest started accruing on unpaid student loans again<\/a>, and minimum monthly payments will resume in October. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-view-1-payment-resumption-will-damage-the-economy\"><strong>View 1: Payment Resumption Will Damage the Economy<\/strong><\/h3>\n\n\n\n<p>Many economists, analysts, and consumer advocates argue that after years of <a href=\"https:\/\/cronkitenews.azpbs.org\/2023\/08\/14\/student-loan-repayments-will-hit-economy-how-hard-depends-on-whos-being-hit\/#:~:text=Money%20Next%20Gen-,Student%20loan%20repayments%20will%20hit%20economy%3B%20how,depends%20on%20who's%20being%20hit&amp;text=WASHINGTON%20%E2%80%93%20When%20federal%20student%20loan,which%20will%20come%20from%20Arizona.\" target=\"_blank\" rel=\"noreferrer noopener\">interest rate hikes resulting in increased debt and housing expenses<\/a>, these payments will worsen financial challenges and significantly slow economic growth.\u00a0<\/p>\n\n\n\n<p>They say that <a href=\"https:\/\/www.axios.com\/2023\/07\/10\/student-loan-payments\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>vulnerable Americans will be hit hardest<\/strong><\/a>, in particular forcing younger adults burdened with substantial debt and low incomes to cut back on essentials like food and rent to repay loans. the impacts will also resonate across a broader spectrum of American households and cause ripple effects throughout the economy, leading to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.politico.com\/news\/2023\/07\/27\/biden-student-loans-bidenomics-00107601\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Reduced spending<\/strong><\/a>. Recent graduates who saved during the payment break may <a href=\"https:\/\/cronkitenews.azpbs.org\/2023\/08\/14\/student-loan-repayments-will-hit-economy-how-hard-depends-on-whos-being-hit\/#:~:text=Money%20Next%20Gen-,Student%20loan%20repayments%20will%20hit%20economy%3B%20how,depends%20on%20who's%20being%20hit&amp;text=WASHINGTON%20%E2%80%93%20When%20federal%20student%20loan,which%20will%20come%20from%20Arizona.\" target=\"_blank\" rel=\"noreferrer noopener\">delay significant purchases<\/a> like cars and homes, potentially affecting the <a href=\"https:\/\/www.shortform.com\/blog\/current-housing-market\/\">housing market<\/a>.\u00a0\u00a0\u00a0<\/li><li><a href=\"https:\/\/cronkitenews.azpbs.org\/2023\/08\/14\/student-loan-repayments-will-hit-economy-how-hard-depends-on-whos-being-hit\/#:~:text=Money%20Next%20Gen-,Student%20loan%20repayments%20will%20hit%20economy%3B%20how,depends%20on%20who's%20being%20hit&amp;text=WASHINGTON%20%E2%80%93%20When%20federal%20student%20loan,which%20will%20come%20from%20Arizona.\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>A domino effect in repayments<\/strong><\/a><strong>. <\/strong>Households already struggling to cover bills may prioritize rent and credit card payments over student loans. <\/li><\/ul>\n\n\n\n<p>Experts say that <strong>even though spending is strong now, more Americans are <\/strong><a href=\"https:\/\/www.wsj.com\/articles\/student-loan-borrowers-face-repayment-soon-cfos-are-watching-to-see-if-spending-takes-a-hit-5d8193f3?mod=hp_minor_pos8\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>seeking out bargains<\/strong><\/a><strong>, suggesting that they\u2019re starting to feel inflationary pressure.<\/strong> <\/p>\n\n\n\n<p>Some experts estimate that the diversion of more cash to student loans and away from consumer spending could drain the economy of up to <a href=\"https:\/\/money.com\/restarting-student-loan-payments-economic-effects\/\" target=\"_blank\" rel=\"noreferrer noopener\">$200 billion annually<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-view-2-the-economic-damage-will-be-limited\"><strong>View 2: The Economic Damage Will Be Limited<\/strong><\/h3>\n\n\n\n<p>In contrast, many economists and analysts argue that <a href=\"https:\/\/www.politico.com\/news\/2023\/07\/27\/biden-student-loans-bidenomics-00107601\" target=\"_blank\" rel=\"noreferrer noopener\">predictions of economic calamity are exaggerated<\/a>. They highlight several factors that will help maintain spending levels and safeguard against an economic disaster:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>President Biden&#8217;s <\/strong><a href=\"https:\/\/shortform.com\/app\/article\/new-repayment-rules-offer-relief-to-student-borrowers-shortform-explainers-shortform?sf_source=businessnewsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>SAVE plan<\/strong><\/a><strong>. <\/strong>This income-linked plan reduces required student loan payments, capping them at\u00a0 5% of discretionary income instead of 10%.<\/li><li><a href=\"https:\/\/money.com\/restarting-student-loan-payments-economic-effects\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Transition period<\/strong><\/a><strong>. <\/strong>President Biden\u2019s \u201con-ramp\u201d transition period waives penalties for missed student loan payments until September 2024.<\/li><li><a href=\"https:\/\/www.brookings.edu\/articles\/bolstered-balance-sheets-assessing-household-finances-since-2019\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Excess savings<\/strong><\/a><strong>. <\/strong>American households accumulated approximately $2.5 trillion in excess savings during the pandemic.<\/li><li><a href=\"https:\/\/www.politico.com\/news\/2023\/07\/27\/biden-student-loans-bidenomics-00107601\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Strong job market<\/strong><\/a><strong>. <\/strong>A robust job market and rising wages will make it easier for borrowers to manage monthly bills and repay loans.<\/li><li><a href=\"https:\/\/www.axios.com\/2023\/07\/10\/student-loan-payments\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>US economy resilience<\/strong><\/a><strong>. <\/strong>The sheer size of the US economy means that student loan payment impacts are unlikely to significantly affect the overall Gross Domestic Product.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-looking-ahead\"><strong>Looking Ahead<\/strong><\/h3>\n\n\n\n<p>Experts say the full economic impacts of restarting student loan payments won&#8217;t be evident immediately. Assessments of the effect on consumer spending will <a href=\"https:\/\/www.forbes.com\/sites\/simonmoore\/2023\/06\/29\/resuming-student-loan-payments-may-slow-economic-growth\/?sh=4fe462f82caf\" target=\"_blank\" rel=\"noreferrer noopener\">begin in October<\/a> when borrowers\u2019 first payments are due.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When will the student loan payments restart again? Will the reduced spending damage the economy? The end of the federal student loan payment pause on October 1 could significantly impact borrowers\u2019 personal finances, spending, and the broader US economy. The long-term burden of student loan debt is expected to influence major life decisions for millions of borrowers. Continue below to learn about the potential impacts of the returning student loan payments.<\/p>\n","protected":false},"author":8,"featured_media":31681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,15],"tags":[727],"class_list":["post-113489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-education","tag-articles","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the Student Loan Payment Restart Will Impact the Economy - Shortform Books<\/title>\n<meta name=\"description\" content=\"After going on pause during COVID, student loan payments will restart on October 1st. 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