More than 9 million Americans could see “substantial declines” in their FICO scores in the coming months as delinquent student loans begin showing up on credit reports for the first time since the pandemic, according to a new analysis by the Federal Reserve Bank of New York.

The report finds that over 15% of all student loan holders are likely now behind on debts, slightly more than before the pandemic. Those affected could face a tougher time getting access to home or auto loans or see their credit card limits lowered.

Black adults, particularly Black women, have the highest levels of student loan debt compared to other racial groups, with Black women carrying the highest average debt among student loan borrowers.

Black student borrowers owe the highest monthly payments. Black student borrowers with an associate's degree are the most likely to have monthly payments of $258. Black student borrowers with a bachelor's degree are the most likely to have monthly payments of $386.

Source: Yahoo! Finance