Late student loan bills can drop credit scores by up to 171 points, Federal Reserve warns

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1. It’s concerning to hear that late student loan payments can have such a significant impact on credit scores. Managing student loans can already be stressful for many borrowers, and this highlights the importance of staying on top of payments. It’s crucial for students and graduates to set up reminders or automate payments whenever possible to avoid late fees and potential damage to their credit scores. If anyone is struggling to manage their loans, it might be helpful to explore options like income-driven repayment plans or seeking assistance from a financial advisor. What strategies have you found helpful in managing student loan payments?

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