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Student Loan Debt

The National Association of Realtor’s recent research shows a strong connection between rising student loan debt and the inability to purchase a home, which has negatively impacted our nation’s economy. In fact, student loan borrowers who are current on their loan payments expect to delay their home purchase by a median of 5 years due to their high monthly payments and overall debt load.
First-time homebuyers typically make up 40 percent of the primary residence buyers, which is currently at 32 percent, the lowest percentage of the housing market since 1987. This is especially concerning since homeownership is often the only way for hardworking Americans to build wealth and financial security.
NAR supports legislation that would streamline the myriad of confusing student loan programs into a simple fixed repayment plan. It would also create an income based repayment option that would guarantee all student borrowers the option to keep their loan payments as a small percentage of their income providing them confidence that they will be able to afford the cost of repaying their loans and be able to help grow our nation’s economy.

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