Boca Raton, Fla.
(AP) Students whose credit scores plummeted after taking out student loans are now in trouble with the state of Florida.
The state Department of Education announced Thursday that more than 200 borrowers have canceled their student loans in the past week because of the federal shutdown.
The department said it has not yet received any cases of fraudulent activity or other violations of state law.
The Department of Business and Professional Regulation said the borrowers were charged interest for the outstanding balances, and that those who were able to pay off their student loan payments are entitled to a refund of the difference between the full amount of the outstanding balance and the amount they paid.
The government shutdown has caused the average monthly cost of a consumer credit card to increase from $5.95 to $6.80, and the average APR for credit cards dropped from 12.94 percent to 12.15 percent.
The American Consumer Products Association says the impact of the shutdown will have an impact on consumer spending as well.
It predicts that spending will decrease for consumers who borrow from the state, as well as those who borrow for credit at non-profit organizations.
The association says the closures are expected to cause more than $300 billion in negative economic impacts by 2019.