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Buying With Student Loan Debt

Posted by Kimberly Shane on 2/27/18 6:45 AM

Buying with Student Loan Debt

We have spent the last few weeks talking about the consequences of student debt on our children’s futures. But if you are in a situation like mine where the decision was already made and you have accumulated a considerable amount of student debt, you are left wondering how that might limit your future. One might wonder, “could I buy a house someday despite my debt?” In fact, an article on Bankrate quotes the managing director of survey research and communications for NAR (National Association of Realtors), Jessica Lautz, “of those who don’t own a home, 83 percent of those say that student loan debt is holding them back from purchasing a home.”

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Topics: Loans, Finances, Money, student loans, financial, debt, debt to income ratio

The Piggy Bank: Haunting Debt

Posted by Kimberly Shane on 2/22/18 6:45 AM

The Piggy Bank: Haunting Debt

Do you know what the two largest consumer debt amounts are comprised of? If you have been paying attention to these Piggy Bank blog posts over the last couple weeks you can likely guess one of them. Americans owe more than $1.3 trillion in outstanding student loans, according to Consumer Reports. They go onto tell us that, it’s “the second largest consumer debt, surpassed only by mortgages”. While a college education can cost as much as a mortgage they vary in ability to manage. 

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Topics: Loans, Finances, Money, student loans, financial, financial security

The Piggy Bank: College Talk

Posted by Kimberly Shane on 2/15/18 7:30 AM

The Piggy Bank: College Talk

Discussion of which college is the right fit is often an emotional quest for the student and parents alike. There are so many options, liberal arts school, large research university, small school close to home—guidance counselors talk about finding a school that offers an atmosphere that fits the student and suits their academic pursuits. One aspect of selecting a college that can sometimes be overlooked or kept as more of an afterthought is, how will the costs be covered? Losing sight of the financial consequences of their decisions can leave families of college-bound students scrambling to figure out how they will pay for it all. 

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Topics: Finances, Money, student loans, financing, financial, financial security

The Piggy Bank: Effects of Student Loan Debt

Posted by Kimberly Shane on 2/9/18 4:00 PM

The Piggy Bank: Effects of Student Loan Debt
Today’s topic is something that is near to my heart. Student loan debt has had a significant effect on my life and the lives of many other Americans. In fact, “today, there is a student debt class like no other: about 42 million Americans bearing $1.3 trillion in student debt”, according to Consumer Reports, “that’s altering lives, relationships, and even retirement.” This is found especially true in our industry of home financing, Ryan Ramsey, one of Stockton Mortgage’s top Mortgage Bankers recounts, “I have had many conversations with college graduates, that due to student loan debt, it will be years or decades before they will be able to buy a home.” Obtaining loans to cover one’s education costs is often a decision made early in our adult lives and sadly, as mentioned several times in this series of blog posts, young people don’t have enough knowledge when it comes to their finances to make solid, confident decisions. So, we find that many end up in a situation far from what we imagined—what we trusted, our college education, to give us a better future than that of our parents, leaves us with a large monthly bill and fear of inability to pay. In fact, Consumer Reports shares that many do end up defaulting in their payments, “one in four borrowers are behind in their payments, according to the Consumer Financial Protection Bureau, with an estimated 7.6 million in default.”
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Topics: Loans, Finances, Money, student loans, financing, financial

The Skinny on Student Loans

Posted by Morgan Saylor on 4/4/16 7:30 PM

Student loan debt is a hurdle facing many millennials as they become interested in becoming first-time homebuyers. But is it a hurdle that can’t be overcome? Here’s the skinny on student loan debt and mortgages.

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Topics: Loans, Mortgage, First Time Home Buyers, Credit, student loans, Home Buyer, reduce, DTI, debt

How your student loans can help you get a mortgage

Posted by Amy Patterson on 4/6/15 1:34 PM

Yes, you read the title right – student loans can help you get a mortgage. How? Well, there are a couple big ways that your student loans, and your history with them, can help you in your pursuit of a mortgage loan approval.

  • Payment history – In terms of your credit, payment history is worth the most – 35% of your score. That’s a big number and it is going to be significant to your mortgage banker if you have a good payment history with your student loans. Not only is this the biggest credit determination factor, it’s also the easiest to control – just make your payments on time, every single month.
  • Credit building – Without using credit, you have no credit. And sometimes, having no credit can be as bad as having bad credit. This is especially significant when you are trying to qualify for a mortgage loan. Without credit, your mortgage banker has less proof that you are not a risky investment. Student loans in good standing, even if they are your only form of credit, can work toward building your credit.


If you’re interested about learning the steps to becoming a home owner, check out our First Time Home Buyer’s Study Guide, or call and talk to a mortgage banker at 1-888-914-2276.

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Topics: Finances, First Time Home Buyers, Home, Millennials, Credit Report, Credit, Home Loans, student loans

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