Federal Reserve: US could enter another 'credit crisis' if student loan debt isn't forgiven

An estimated 40 million Americans have applied for relief through the program, which could provide forgiveness of up to $20,000 per borrower. Meanwhile, credit experts are urging student loan borrowers to prepare for the worst and get ready for their monthly student loan payments to kick back in by at least August. Paul Oster, the CEO of Better Qualified, a credit management company, said student loans are a great way to build up credit, but they can also be a way to destroy it.