[The Wall Street Journal] Student Loan Borrowers Face Repayment Soon. CFOs Are Watching to See if Spending Takes a Hit.

A recent article from The Wall Street Journal analyzed the resumption of federal student loan payments alongside other spending trends. It highlighted that these payments will likely significantly impact spending nationwide as gas prices and typical grocery bills remain high. Individuals will feel the burden of their student debt now more than ever.

According to a recent Wells Fargo analysis (citing data from 2019), 43 million people, or around 17% of adults in the U.S., have federal student loan debt. The typical monthly student loan payment falls between $209 and $314, equating to a pay cut of around 4% to 5% of U.S. median household income before taxes. This also doesn’t account for private student debt, which adds even more to the burden. Employers that offer Student Loan Repayment will immediately see the results of supporting their employees with this debt. Promoting financial wellness while also helping the company stand out as an employer of choice. Less than 10% of employers nationwide offer this benefit.

Read the original article from the Wall Street Journal at: https://www.wsj.com/articles/student-loan-borrowers-face-repayment-soon-cfos-are-watching-to-see-if-spending-takes-a-hit-5d8193f3