The investment banking firm found that more than a third of student debt holders' discretionary dollars go to the three retail giants.
"The impending resumption of student loan payments could be a headwind to consumer spending ahead," the note said.
Consumers with student debt spend around 18.58% of their discretionary spending at Amazon alone, according to consumer data company Numerator.
Interest on student loan debt will start to accrue again in September, after a long pause that started at early in the pandemic.
Meanwhile, the US Supreme Court is expected to rule this week on President Joe Biden's plan to cancel up to $20,000 in student debt.
Persons:
—, Jefferies, Ross, Joe Biden's
Organizations:
Jefferies, Walmart, Target, Service, Amazon, Costco, UBS