President Trump signed an executive order on March 7 limiting eligibility for public service student loan forgiveness. Meanwhile, a study from VantageScore revealed that 9 million borrowers are currently behind on payments, representing over 40% of those with dues.
VantageScore chief economist Rikard Bandebo joins Wealth host Brad Smith to explain the potential impacts of these developments.
“Someone who has a high [credit] score, let’s say they have a VantageScore super prime score of like 800, they could see their score drop by as much as 129 points,” Bandebo says.
“A credit score … takes a long time to build, but it can fall very quickly,” he adds. “So a delinquency — like a student loan delinquency — will sit on the file for seven years. So it takes a long time to repair this.”
To watch more expert insights and analysis on the latest market action, check out more Wealth here: https://finance.yahoo.com/videos/series/wealth/
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