Over 15% of student loan debt is currently overdue, and the Federal Reserve warns that borrowers may face credit score declines of over 170 points.
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More Than 15% of All Student Loan Debt is Past Due. The Fed Says Borrowers Could See Their Credit Scores Drop More Than 170 Points.
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It’s concerning to see that more than 15% of student loan debt is past due, especially given the potential impact on borrowers’ credit scores. A drop of more than 170 points could significantly affect individuals’ ability to secure loans, rent apartments, or even find employment in some cases.
It’s important for borrowers to stay informed about available resources, such as financial counseling and potential repayment options, especially with changes in student loan policies. We should also advocate for broader systemic solutions to address the student loan crisis, including better repayment plans and possibly forgiveness initiatives. It’s crucial that we support borrowers during this challenging time and push for structural changes that can help prevent such situations in the future.