The resumption of federal student loan payments on Oct. 1 should not affect the U.S. economy, according to research from the Federal Reserve Bank of New York.

Millions of student borrowers are likely to curtail their consumer spending by only about $56 a month on average, the research said. Last month, CFOs expressed concerns that the end to the three-year pause would affect the economy adversely, as they worried that borrowers concerned about being able to cover their student loan bills would cut back on their discretionary spending.

That is not the case, according to the Fed’s Raji Chakrabarti, Daniel Mangrum, Sasha Thomas and Wilbert van der Klaauw. “The findings suggest that the payment resumption will have a relatively small overall effect on consumption, on the order of a 0.1-percentage-point reduction in aggregate spending from August levels,” they wrote on the bank’s Liberty Street Economics blog.

New rules on federal income-driven repayment (IDR) plans such as the recently-announced SAVE program, as well as accrued savings, will aid those making monthly payments, the blog stated.

The researchers added that that they saw “little variation in spending responses but find that low-income borrowers, female borrowers, those with less than a bachelor’s degree, and those who were not in repayment before the pandemic expect the highest likelihood of missed student loan payments.”