It’s not just student loan borrowers feeling the impact of the resumption of mandatory payments for federally held loans—the companies they do business with are as well. 

Companies are closely monitoring how much money people are diverting to these loan payments and away from the goods and services they would otherwise purchase. And economists have been trying to gauge the impact of the Oct. 1 end of the three-and-a-ha⛎lf-year pause on payments and interest for federally held student loans.

Some forecasters had predicted a multibillion-dollar hit tಞo monthly consumer spending, notably hurting the economy. Other analyses show that most borrowers wil🦩l be able to comfortably resume payments, thanks in part to the 澳洲幸运5官方开奖结果体彩网:new SAVE repayment plan, which lowers monthly payments for the lowest-income borrowers.

Corporate executives grappled with this question in the latest round of earnings calls this month, as the first payments were being resumed. Here’s what they said:

Affirm (AFRM) CFO Michael Linford

“It will definitely have an impact on consumer credit at large. You're going to see meaningful servicing of student debt turned back on that was off for a long period of time. What that means for us is some subset of consumers are going to be less able to spend money. And that's a real impact.”

Genuine Parts Co. (GPC) CFO Bert Nappier

“We’ve got inflation, geopolitical considerations, a new thing here in October with student loan repayments starting back. That’s probably somewhere near $10 billion a month. So, obviously, something that will impact the consumer. Interest rate environment is up sharply over the last month. And so taken together, we see an increasingly cautious consumer.”

Visa (V) CFO Chris Suh

“We're also not factoring in any impact from … student loan repayments because as I mentioned before, we've yet to see any meaningful impact.”

Teladoc (TDOC) CEO Jason Gorevi

“We haven't seen anything in the data that suggests that [student loans] had an impact. Churn has been stable. We haven't seen significant notable change, nor are we assuming any significant change in churn in our guidance.”

Brian Wenzel, CFO of Synchrony Financial (SYF)

“When you look at the month of September we saw a significant rise in people making payments in advance of their student loan payments beginning in October. So, that's a very good sign for us with regard to that. 

We did a deeper dive and we looked at how they are performing, those accounts against, instead of the entire book, really against, I'd say credit cohorts. And to be honest with you … you're going to find this interesting. They actually are performing better—people with student loans versus people without student loans.”