The Supreme Court’s student loans ruling could cost billions in economic impact, according to some analysts.
“The end of the moratorium is going to be a shock to a significant number of household budgets,” writes Jefferies economist Thomas Simons. “Households have already been eating into their excess savings to maintain their preferred consumption in the face of high inflation.”
This modest economic shock is not expected to be uniform for Americans of different incomes. The pandemic-era pause in student loan repayment made long-term borrowers much more likely to put down a mortgage on their home, improve their credit scores and reduce late payment on other bills,from the Jain Family Institute has found.
“Working Americans who didn’t get the opportunity to finish their degree and don’t benefit from generational wealth deserve relief. Student debt relief is a racial and economic justice issue,” said Rep. Jamaal Bowman. “The burden that student debt places on families is immense and unforgiving.”
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