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The article focuses on U.S. President, Joe Biden administration's response to legal challenges affecting the SAVE student loan repayment program, including the temporary suspension of monthly payments for millions of borrowers and efforts to recalibrate payment calculations.

The article explains the potential consequences if one falls behind on student loan payments. It discusses the impact of skipping payments on credit scores. Categories used by credit reporting companies to generate credit scores include payment history, amounts that borrowers pay down on installment loans, and accrued interest on missed payments. Guidance is also offered to borrowers for finding credit reports and scores.

The article reports on the miscalculations of student loan payments made by the Missouri Higher Education Loan Authority that affected about 420,000 student loan borrowers who are being transferred into the SAVE income-driven repayment plan of the administration of U.S. President Joe Biden.

The article focuses on the resumption of student loan payments and provides information about the Biden administration's measures to ease the transition, including a yearlong "on-ramp" for missed payments, the introduction of the more affordable income-driven repayment plan called SAVE.

The article discusses problems with income-driven repayment plans for student loans in the U.S. Topics discussed include an increase in enrollment in income-driven plans, problems with the payment calculation, suggestions from borrower advocates on how to address these problems and proposals from several Democratic presidential candidates on student debt.

If you're buying a home, refinancing a mortgage or seeking an auto or student loan, the new government plans to make borrowing cheaper and easier sound like a gift. One problem, however, is that whole categories of people may be ineligible. If you are refinancing, you could be out of luck if your mortgage balance is more than your house is worth. And for all kinds of new loans, lenders have raised their standards even as their customers' credit records are deteriorating because of late payments and other problems. [ABSTRACT FROM PUBLISHER]