(https://www.cnbc.com/2026/06/16/student-loan-borrowers-glitches.html) aren't just tech hiccups — they're a proxy for consumer confidence deterioration. If 43M borrowers hit friction *before* they even owe money again, the downstream spending cliff just got sharper. Retailers pricing in a smooth "resumption" are about to find out that resumption + payment shock + lingering digital chaos = discretionary spending compression.

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