Student loan payments resume in October, burdening 40 million Americans with an average monthly payment of $350, a $14 billion monthly burden on American consumers on top of inflation, rising rates, and layoffs..

Student loan payments start back up in October

40 million Americans will have to pay an average of $350 a month after a ~3 year pause

That's a $14 billion PER MONTH burden on American consumers, on top of inflation, rising rates, and layoffs pic.twitter.com/XdrINbS4rv

— Genevieve Roch-Decter, CFA (@GRDecter) June 20, 2023

via CNBC:

Over the three-year-long pause on student loan payments, the U.S. Department of Education has repeatedly told borrowers their bills were set to resume, only to take it back and provide them more time.

This time, however, the agency really means it.

The Education Department posted on its website that “payments will be due starting in October,” and a recent law passed by Congress will make changing that plan difficult.

It will likely be a big adjustment for borrowers when the pandemic-era policy expires. Around 40 million Americans have debt from their education. The typical monthly bill is roughly $350.

“For many borrowers, the payment pause has been life altering — saving many from financial ruin and allowing others to finally get ahead financially,” said Persis Yu, deputy executive director at the Student Borrower Protection Center.

Fed debases US currency, causing people to sink deeper into debt.

Source: t.co/hHsVhtqOiZ

— Wall Street Silver (@WallStreetSilv) June 21, 2023

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Odds of a 25 basis point rate hike in July just hit 80%.

There’s now a 15% chance of 2 more rate hikes by September.

The Fed is not backing down.

— The Kobeissi Letter (@KobeissiLetter) June 21, 2023

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— zerohedge (@zerohedge) June 21, 2023