More than 40 million people in America are about to take a big financial hit, and it could have such serious repercussions on the economy that we could find ourselves back in at least a mini-recession.

Federal student loan borrowers haven’t been required to make loan payments since March 2020, due to the economic stresses of the pandemic. But the grace period is almost over: Some 44 million borrowers will be required to either begin or continue making payments in September.

Education officials have predicted that there could be historic levels of federal student loan delinquency and defaults. The companies that service these loans for the federal government also are in a tough position, restarting the machinery after years of inactivity or taking on millions of customers for the first time. In fact, it’s estimated that 16 million borrowers will have a different company to deal with by the time payments resume.

IBJ personal finance columnist Pete The Planner has been looking into the possible ramifications of this big shift for a sizable chunk of the country. In this week’s edition of the IBJ Podcast, he has advice for borrowers and their families to help prepare for the upcoming tumult, as well as some friendly warnings about the possible economic effects.

The IBJ Podcast is brought to you by Taft.