Video: Think Student Debt’s Not YOUR Problem? Think Again…
Nowadays it’s common place for students to graduate with over $40,000 in debt and wind up paying between $300 and $400 a month. Often times it’s that added debt that keeps young adults from qualifying for a competitive home loan.
And, while most never plan to default on their student loans, life sometimes happens. Of well over 40 million borrowers, over 10 million are in default, forbearance, deferment, or grace periods.
The problem is, defaulting on student loans can put the dream of homeownership out of reach for years. And, if not handled properly, student loan defaults can be more difficult to navigate than just about any other kind of obligation, particularly in the bankruptcy arena. These are among the reasons why government policies regarding student debt are so important.