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Debt Payments and Spending: Evidence from the 2023 Student Loan Payment Restart

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Abstract

In October 2023, roughly 40 million Americans faced a new monthly bill as federal student loan payments resumed after a three-year pandemic-induced pause. The restart of loan payments effectively reduced disposable income for borrowers, raising a critical question: How do debt payments affect household spending?

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  • Aditya Aladangady & Edmund Crawley & William L. Gamber & Patrick Moran & Jose Nino, 2025. "Debt Payments and Spending: Evidence from the 2023 Student Loan Payment Restart," FEDS Notes 2025-09-05, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2025-09-05
    DOI: 10.17016/2380-7172.3879
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    File URL: https://www.federalreserve.gov/econres/notes/feds-notes/debt-payments-and-spending-evidence-from-the-2023-student-loan-payment-20250905.html
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