Applying for a mortgage loan when you're also paying off hundreds of dollars of student loan debt can be a challenge. But a new mortgage program and other recent changes by mortgage giant Fannie Mae could make it easier.
Student Loans Articles
Worried that your student-loan debt will hurt your chances of qualifying for a mortgage? You’re not alone. The average graduate in the class of 2016 is leaving college with $37,122 in student-loan debt, according to Student Loan Hero. That’s up 6 percent from the previous year.
If the real world has you feeling pressured to make ends meet, you're not alone. Today's college graduates leave school with an average student loan debt of $30,000, plus an average $3,000 in credit card debt and nearly $30,000 of student debt. While there are student loan debt forgiveness programs, those are hard to come by and are becoming even more so. So learning how to manage that student loan debt and eventually break free of that burden is a skill you'll need to develop as a newly minted college grad navigating the world of adult finances.
When students graduate from college, they begin to enjoy the fruits of their labors. Many land good jobs, and some buy new homes. After a few years of home ownership, if the market is rising, they may also eyeball their student loans, and consider the pros and cons of using a home equity loan to pay off their debts.
Your brother got a free ride for college on a basketball scholarship, and your best friend has a hefty inheritance. Will you have to attend the local community college, or just wash a lot of cars to pay for the university of your choice? Don't worry…no matter your situation, there are loans to fit your needs.
You've earned your degree, nabbed your first job and are now ready to buy your starter home. But there's one problem: You're saddled with tens of thousands of dollars of . Will any lender approve you for a mortgage when you face that much debt?
If you've earned a high school diploma and you're ready to take the prestigious leap for a higher education, be prepared for sticker shock. The average annual cost of a public college education now ranges from $10,000 for state residents at public colleges, to over $30,000 for private colleges.
Thanks to the skyrocketing cost of tuition, many Americans have taken to searching the couch cushions to find the money to afford the high cost of college. As a result, more and more consumers are turning to the homes in which these couches are placed to finance a college education.
Horror films like Scream 2, Sorority House Massacre, and Night of the Creeps take place on college campuses. But as frightening as these films are, nothing is quite as scary as not finding enough money to pay for college tuition. With the cost of a four-year education ranging anywhere from $26,000 to $140,000 annually, it's no wonder that parents are having nightmares. If you have equity in your home, you may be able to use a cash-out mortgage refinance to help raise necessary funding to give your child the education she deserves.
Although politicians don't seem to agree on many things, all parties believe that educating young people is critical if America is going to regain its financial footing. Unfortunately, many students are finding that a higher education, and the student loans required to pay for it, has been priced out of their reach.