Kat T.’s Post

Yup, that’s right, nearly 45 million Americans are burdened with outstanding student debts. With the average student loan debt being more than $32,000, student loan debts total a massive $1.56 trillion across the United States. Yes, trillion…💲 These numbers result in student loan debt being the second-highest debt in the consumer debt category in the United States, higher than automotive loans and credit card debts. Are you burdened with student loans debt? 😩If so, leave an ‘L’ in the comments. ⬇️⬇️⬇️ #debt #studentloans #financial #financialeducation #financialplanning #financialfreedom

What is the true impact that Student Loans have on the overall economy? After 3 years of paused repayments on student loans, taxpayers will soon need to start paying back their loans within the next 6 months. President Biden has reference loan forgiveness programs, however, regardless of if his proposal is passed, the $1.8 Trillion Dollar debt is growing at a staggering rate. When repayments resume, this is forcing taxpayers to spend less money in the economy and on consumer discretionary spending, and more on paying down debts. With inflation still at record highs, for many, these student loans will create a massive, added financial burden.

Covering student loan repayments? We spoke with Dr. Nicholas Hillman about some of the struggles borrowers may face going forward. Learn more about the free services we provide journalists who are looking to strengthen the science in their stories: https://bit.ly/3rIMV59 #StudentLoan #StudentLoans

With the federally mandated pause on student loan repayments expiring this month, borrowers are now responsible for resuming payments on an astonishing $1.7 trillion in outstanding debt. Although one may assume these repayments will negatively affect the economy, several factors could help limit the impact. Read more in this week’s Markets in a Minute, found on our blog: https://lnkd.in/eGwbf2cN #FiduciaryAdvisors #401k #403b #StudentLoans #USConsumers www.fiduciaryadvisors.biz

Student loan payments will resume in October... Here’s the math: —> 45 Million people with student loans —> $1.6 Trillion the total outstanding debt —> $200 dlls / month average payment —> $200 x 45 million people = $9 Billion/month —> $9 Billion x 12 months = $108 Billion / year LESS in consumer spending. The Fed’s monthly Quantitative Tightening is expected to continue at around $95 billion/month. Add to this high interest rates. Inflation should continue to come down, but it won’t be easy for everyone. What do you observe in your local economy? Booming or tightening? Share below 👇 #BeBusinessSmart

The chart of the week looks at a survey of student loan borrowers and their ability to start paying off those loans should the payment freeze end. Only 24% of those surveyed said they would be able to make the payments without decreasing spending in other areas. What this means is the other 76% will spend less in other areas that drive the economy in order to make these payments. We have discussed consumer spending many times as it is about 2/3 of GDP growth. Student loan payment restarting along with dwindling COVID-era savings could be headwinds to economic growth. #studentloans #consumermatters #pivotpoint?

Recent estimates reveal that 43.6 million borrowers have federal student loan debt, with an average balance of $37,717 per person. When private loan debt is included, the average may be as high as $40,505. And these are just average numbers. Many folks who may have had to borrow the entire cost of their college education have six-figure debt. #studentloandebt #studentloanrepaymentassistance #radicalcandor https://bit.ly/3rIqMmX

As student loan borrowers approach their repayment deadlines, CFOs are keeping a close eye on consumer spending patterns. The potential impact on the economy raises crucial questions about fiscal recovery and consumer behavior. Read the full article here: https://lnkd.in/gPEXnjAw #StudentLoans #ConsumerSpending #EconomicImpact #economy #consumerbehavior

The student loan landscape is evolving, and it's important to stay informed! According to AARP, individuals aged 60 and above hold a significant $290 billion in student loan debt. While payment reprieves have provided relief to federal student loan borrowers during the pandemic, these pauses are concluding in August 2023. Starting September 1, 2023, interest will begin accruing on paused loans, and payments are due in October 2023. The Department of Education is stepping in with tailored programs to aid borrowers in their journey towards financial stability. Learn more about these changes and their potential impact in our latest blog post: https://lnkd.in/eWShNUgX 📚 #studentloans #financialwellness #studentloanupdate #financialeducation

You are probably aware of President Biden’s proposal to eliminate up to $20,000 in student loan debt per borrower, meaning thousands in loan forgiveness for many current or former students. When planning your economic future, lowered loan amounts can be critical to your transition into the job force after graduation. #applyForLoan #BorrowMoney #FAFSA #FederalLoan #LoanForgiveness #PayingForSchool #PrivateLoan #PromissoryNote #QualityForLoan #Repayment #StudentDebt #StudentLoan https://bit.ly/3ia9gE2