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Student loan repayments could slam big-name retailers this fall

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Retailers like Target, Nordstrom and Under Armour could face a hit this fall when student loan payments resume, affecting millions of U.S. households.

Senate Budget Committee warns against the president's student loan forgiveness plan, saying it would contribute to inflation and increase tuition costs on"Mornings with Maria."

About 44 million borrowers in the U.S. were affected by the payment pause, which initially began in March 2020 at the onset of the COVID-19 pandemic. The Biden administrationin November with its broader debt forgiveness plan tied up in legal limbo, but will not do so again as part of the bipartisan debt ceiling deal approved by Congress.

Collectively, borrowers are set to resume paying about $10 billion a month, according to a recent analysis from JPMorgan.

 

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Student loan repayments could slam big-name retailers this fallTarget and Nordstrom, especially, face a potential big hit when student loan payments resume this fall.
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