Biden Cancels $1 Billion Of Student Loans The current credi..
Added 2021-03-21 18:11:38 +0000 UTCBiden Cancels $1 Billion Of Student Loans
The current credit reporting system
Negative information can stay on your credit for up to seven years.
Any little mistake can affect your ability to get a loan, mortgage, car loan or even employment.
Missing 2 payments out of 100 it’s considered derogatory payment history. This will prevent you from getting a business loan. This can really hold you back in life.
The Biden administration program proposes reducing the number of years of negative information reporting. From seven years to four years.
Allow student loans to be discharged into bankruptcy. Students loan is one of the very few thing that can’t be discharged. Specially Federal student loans from the government. These are a huge issue because it raises your debt to income ratio. This won’t allow them to get a mortgage in the future.
