Millions of Americans are falling behind on student loan payments a year after the pandemic freeze ended – and soon that will start hurting their credit scores.

In a report released last month, the Government Accountability Office estimated that about 10 million borrowers – more than one-quarter of the total – were behind on payments as of the end of January. About two-thirds of them were more than three months late, meaning they'd normally be classified as seriously delinquent.

Right now those borrowers are shielded from taking a hit to credit scores, because the Biden administration ordered a one-year moratorium – starting from the post-pandemic resumption last year – during which missed student payments can't be included in credit reports.