Student loan debt is one of the biggest reasons millennials struggle to buy homes.
However 2015 is expected to be a big year for student loan reform. Right now, the federal Pay As You Earn program allows newer borrowers to cap monthly student debt payments at 10 percent of a person’s disposable income.
The government hopes to expand the program to people who took out student loans before October 2007 or stopped borrowing by October 2011.
If approved, almost 5 million more (mostly young) people will feel relief from student debt and potentially have more money to buy a home.
Here are tools for millennials to learn about student loans:
- Easy to understand terms and definitions
- Federal student aid -- resources to compare aid and repayment options
- Consumer Financial Protection Bureau -- information about student loans options
If you have any questions about student loans and how they might impact your clients as they purchase a home, please contact me at 757-490-4726, or firstname.lastname@example.org.