Target and Nordstrom, especially, face a potential big hit when student loan payments resume this fall.
For more than three years, federal student loan borrowers have not had to make monthly payments. But that pandemic-era pause is coming to an end this fall, setting up a financial shock for millions of Americans – and the big-name stores where they shop.
Payments, which are set to resume on Aug. 30, can be substantial: The average monthly bill hovers between $200 and $299 per person, although it is even higher for some borrowers, according to the most recent Federal Reserve data. Collectively, borrowers are set to resume paying about $10 billion a month, according to a recent analysis from JPMorgan.
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