Credit Score Risks for Delinquent Student Loan Borrowers Looming Markedly
Tuesday, 10 September 2024, 09:32
Impending Credit Score Changes for Student Loan Borrowers
The upcoming end of the 'on-ramp' on September 30 poses significant credit score risks for delinquent student loan borrowers. With millions having enjoyed a respite from penalties related to late or missed payments, this transition signals the return of financial scrutiny.
What to Expect After September 30
- Dramatic shifts in credit scores as penalties resume.
- Potential difficulties in obtaining future credit for affected borrowers.
- Urgent need for borrowers to assess their repayment plans and take action soon.
Strategies for Borrowers
- Review your current repayment options to stay out of delinquency.
- Communicate with lenders about potential repayment issues.
- Consider financial counseling if necessary to navigate these risks.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.