President Trump his dismantling the Department of Education and as part of that, people who have Student Loans will see those loans handled by the Small Business Administration (SBA) which has orders to “Collect.”
Nine-million federal student loan borrowers, who are late on their bills, may see their credit scores tank by as much as 129 points as the SBA begins collecting the student loan money back.
According to the Wall Street Journal, out of the millions of Americans who still owe payments on federal student loans about 43% of borrowers haven’t resumed their monthly payments, which were temporarily suspended during the COVID-19 farce.
That puts more than 9 million Americans at risk of a serious credit-score drop.
This might have…
