How will restarting student loan payments affect the economy? Let’s count the ways.

After more than three years of an interest-free payment pause on federal student loans, millions of Americans will soon be on the hook for monthly payments. The effects could be felt across the economy.

How resuming payments will affect a single borrower varies widely, depending on, among other things, whether they stopped making payments at all, how much debt they have, the repayment program they’re in, and their current and future expected income. It also depends on the other expenses competing for a piece of their monthly budget. Because so many people are affected — 43.

There’s little doubt that potentially hundreds of billions of dollars in consumer debt coming due will impact the economy — it represents debt held by roughly 17% of American adults and is the second-largest source of household debt, according to the NY Fed report. But the gravity of this impact is yet to be determined and likely to play out over the next several months and years.

Tap to View Read more: This is how borrowers are preparing for the resumption of student-debt payments

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