“impact Of Student Loan Debt On Career Choices And Job Opportunities” – Amid the housing crisis in 2012, where we saw record foreclosures and short sales, a simple question was discussed: how will families pay for college, when there is no mortgage or home to benefit from?

Perhaps lower enrollment numbers, increased migration to community or online colleges or “borrowing” from other areas were the answers.

“impact Of Student Loan Debt On Career Choices And Job Opportunities”

Today, students borrow $1.23 trillion in loans. Student loans are the number one debt category in the United States, exceeding all credit card debt combined as of December 30, 2015.

How Student Loan Debt Can Impact Your Future

When we talk about things that affect the housing market, we usually focus on things like the state of control, credit or mortgages. We use terminology like “credit box,” TRID, DTI, PMI, etc. We rarely examine external pressures or influences outside of the real estate-related realm – until now.

With all the debate about debt and, more specifically, student loan debt, the National Association of REALTORS® decided to step outside the box and look at how student loan debt is fixing the house and, perhaps, the future of our country.

NAR hired American Student Assistance (ASA) to conduct a comprehensive survey, leading to the 2016 Student Loan and Housing Report. The study surveyed over 1,000 student loan borrowers and found the average student loan debt to be around $25,000.

What’s scary is not just the amount of debt, but also the impact it has on housing. 71% said student loan debt was the reason they delayed buying a home, and that delay was about 5 years. You might think,

The Student Loan Debt’s Impact On The U.s. Economy

. But, they may also face other factors including rising property taxes, home prices and low inventory that could keep them out of housing for a long time.

Currently, we are getting the lowest participation rate from first-time customers. Nationally, it is at 32 percent, the lowest since 1987; considering the average is usually 40 percent, that is a huge loss of transactions.

Year to date transactions in the City of Chicago are approximately 14,000 (as of June 2016). With an eight percent loss of participation rate, that’s 1, 120 additional transactions that don’t put money into the economy. Multiply that 15,210 transactions by $24,000 per transaction… and that’s $26,880,000 that would definitely benefit our local economy.

For those who have student loan debt and currently own it, they can use mortgage products as a way to reduce or discharge their debt through a Home Equity Line of Credit (HELOC) or Cash Out Refinance. This option can work right now in an area where interest rates are very low, and some student loan rates are as low as nine percent. Of course, this is a FICO article and it is equally driven.

How Student Loan Debt Affects Borrowers’ Love Lives

For those on the buying side, consolidate student loan debt, and work with a lender who will guide you on how to improve your credit and understand HUD rules regarding student loan debt.

There are currently seven bills in Congress that could help not only these students, but our economy as well. An example in the House is H.R. 3179, “Empowering Students in Recreational Financial Counseling,” which focuses on teaching and preparing students to manage debt before assuming such responsibility. And, in the Senate, S. 1948, “Achieving Good Financial Options for Debt Recovery,” helps provide more options for recovery.

What can I do as a REALTOR®? If you’re focusing on first-time buyers, consider adding another market segment. Start a meeting with the lender and provide education and strategies to help your customers get out of debt quickly. Use the Consumer Finance Protection Bureau (CFPB) website, which has a wealth of information on student loan debt, before taking out any loans, and learn how to manage the debt once you get it. Finally, and most importantly, contact your Congressman/wife and tell them to support legislation that will move our economy forward regarding student loan debt. Rising student debt is one of the most painful aftershocks of the Great Recession. Millions of Americans lost their jobs and homes, while others lost their wealth. This decline in household wealth has continued to put pressure on how families pay for higher education, often shifting the burden of paying for college from the family to the student. Every day, we hear from hundreds of borrowers about the impact of student loan debt on their daily lives.

We know that this debt burden continues to disproportionately affect students of color. The Great Recession has been particularly hard on the African-American and Latino communities, with many families seeing their net worth nearly cut in half. This, combined with the rising cost of tuition and fees at public colleges and universities, and the large numbers of students of color enrolled in for-profit schools, has had a major impact on the amount of debt that these students and their families have taken on. to get money for their higher education. Recent research also further emphasizes the disproportionate impact of student debt on communities of color.

How The Recent Supreme Court Ruling On Student Debt Forgiveness Impacts On Borrowers

Federal government data shows that more than 90 percent of African-American students and 72 percent of Latino students leave college with student loan debt, compared to 66 percent of white students and 51 percent of Asian-American students. . While Asian-American students may be less likely to borrow federal student loans, a separate study found that Asian-American students who need to borrow more than $30,000 are more likely to rely on private student loans to finance their higher education— loan. which provide less consumer protection to borrowers.

With this in mind, we are constantly engaging and hearing from a wide range of stakeholders, including researchers, consumer advocates, and civil rights and labor to discuss the impact of student loans. Here’s what we heard:

The economic barriers people of color face while paying for higher education underscore the importance of our continued efforts to make the student loan market work better for borrowers. It also emphasizes the importance of the Bureau’s work over the years to identify risks and eliminate illegal practices in the marketplace. In 2012, we highlighted the impact that certain eligibility criteria used by private student lenders can have on students of color. Recently, we’ve been targeting student loan defaulters and student loan rescue scams. We are committed to continuing our work to make the student loan market safer for all borrowers and ensure that all borrowers get the help they need to manage their student debt.

We also want to hear from you – be sure to tell your story and share your experience with student loan debt.

Biden’s Student Loan Debt Relief Isn’t Just Fair, It’s A Good First Start

Every student loan borrower is entitled to a payment plan based on their income even if they are struggling to repay their loans. If you’re having trouble managing your student loan debt, visit our Student Loan Repayment tool to learn more about your repayment options or check out our Ask the CFPB questions about student loans. If you have a problem with your student loan or with your service provider (the company that sends you your monthly student loan bill), you can file a complaint. is reviewed by the companies on this site and these reviews may influence how and where offers appear on this site (such as ordering). it does not include all lenders, savings products, or loan options available in the marketplace.

We are committed to providing accurate content that helps you make financial decisions. Our partners do not authorize or endorse this content. Read our Editing Guides At , we’re committed to providing accurate and actionable content to help you make the right decisions about your money. Our team of writers and editors follow these key guidelines: We thoroughly check and check all content for accuracy. We aim to make corrections to any errors as soon as we become aware of them. Our partners do not authorize or endorse our content. Our partners do not charge us to display any particular product in our content, but we do include other products and services. for companies that provide compensation. This may affect how and where the offer comes from the site (such as an order). We check and interview reputable external and internal sources for our content and declare the origin of our content. Close editing guidelines here.

Have you ever worried about what your student loan debt could do to your future or current relationship? It’s not uncommon for money to throw a wrench in a couple’s future plans, but how big of a problem is it?

We wanted to find out, so we asked more than 1,000 borrowers about their experiences with student loan debt and relationships. Here’s what we learned.

Student Loan Forgiveness Could Cost $2,500 Per Taxpayer, Research Finds

One of the biggest hurdles in a serious relationship is trying to get two people on the same page about every important topic under the sun. Needless to say, conflicts do happen.

More than 43 percent of survey respondents said they fight about money with their partners at least “often”. Because of

Student loan debt consolidation, reduce student loan debt, settling student loan debt, student loan opportunities, student loan debt assistance, managing student loan debt, refinance student loan debt, impact of student loan debt, private student loan debt, economic impact student loan debt, refinancing student loan debt, consolidating student loan debt

Share:

Leave a Reply

Your email address will not be published. Required fields are marked *