Collections on defaulted student loans may affect millions of people’s credit scores
(NEW YORK) -- President Donald Trump's administration is set to begin collecting defaulted student loan payments next week -- which could harm the credit scores of millions of borrowers.Roughly 5 million borrowers will have their university and college loans sent for collections beginning May 5, the Department of Education said last month.When that happens, the borrowers' credit scores could be impacted, since ratings agencies are often alerted when collections ensue, […]