Student loan borrowers saw credit scores increase during the COVID pandemic, according to a new study that suggested the loan payment freeze played a factor.
Vice President Harris announces the US Department of Education's plan to cancel all remaining federal student loans for borrowers who attended Corinthian Colleges.The "2022 Student Loan Update" was conducted by researchers from the Center for Microeconomic Data.
Activists attend a rally outside the White House to call on U.S. President Joe Biden to cancel student debt., the credit scores of subprime borrowers – those with scores below 620 – dropped 8 percentage points to 28% of the total in 2021. The share of borrowers with scores of 660-719, meanwhile, increased 2.5 percentage points to nearly 25%. The share of "super-prime borrowers" – those with credit scores above 720 – increased by 5 percentage points to 34%.
By the end of 2021, nearly 80% of student loan borrowers had higher credit scores, according to the study's results. The study suggested the shifting of percentages was likely due to borrowers taking advantage of the payment freeze and interest waiver to reduce balances during the COVID-19 pandemic.
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