How much have student loan payments grown?
What we're seeing
The pause on federally-backed student loans came to an end recently and borrowers were required to begin making payments on these loans in October. The data shows a big impact on account holders; the number of student loan payments grew 127 percent in October as compared to the previous month.
Takeaway & Call to action for FIs
Financial institutions should be well informed of account holders who have a new monthly student loan expense which, after more than 18 months of rising economic prices, could be a very stressful addition to personal finances.
Alkami Telemetry Data for this figure was sourced from a panel of 22 financial institutions with more than 2.5 million account holders and over 1.5 billion transactions.