Student Loan Impact
Repayments expected to affect younger consumers more
Student loan debt affects almost 40M consumers in the US and resuming payments will put stress on personal budgets, averaging a 17% increase in monthly debt commitment - 24% in the case of Generation Z consumers. US consumers between the ages of 18-39 hold 55% of the $1.5 trillion student loan debt, with the average loan being $38,000 per consumer.
As of October 1, 2023, Equifax anticipates federal student loan servicers to begin reporting updated balances for consumers. Insights about student loan repayments and the impact will be provided in the Full Year 2023 Global Credit Trends Report (to be published in Q1 2024).
Glossary of Common Terms & Sources