Credit scores could drop by more than 150 points for some borrowers and will likely result in "reduced credit limits, higher interest rates for new loans and overall lower credit access" for affected borrowers, according to a Federal Reserve Bank of New York report posted Tuesday.

The more than 9 million student loan borrowers who are estimated to be past-due could experience “significant drops” in their credit scores, the Fed warns.

For example, someone who has a 760 score or above, and who has late or no student loan payments, will see an average decline of 171 points, the New York Federal Reserve said. A person with a credit score of 620 or less will see an average drop of 87 points.