>Shiloh Garcia was notified by her bank this month that her credit score had dropped from 720 to 620. She discovered she was more than 90 days delinquent on payments for her $16,000 in student loans, which she had thought were still suspended.
Her mortgage broker estimated the lower score would add $400 to the monthly payment for the new home she wanted to buy.
So much doesn't make sense.
If you're trying to buy a house, you really should be on top of all your payments. Student loans in particular are extremely forgiving, you can probably get away with only paying once every 60 days just to make sure it doesn't default .
Why are you buying a house if you're not trying to handle your $16,000 in outstanding student loan debt. She probably has to make a larger down payment to move in ?!
16k isn't a lot of money if you're trying to buy a home though.
It would have made more sense to just pay it off first. At the very least you should be watching your accounts like a hawk when looking to take out of a home loan.
Then again, I was making so much money during the pandemic and I squandered much of it instead of paying off my own student loans. Glass house and all that
I wonder what fraction of those chose not to vote.
A lot of people have told me that the last administration didn't do anything at all for them. They tended to be younger, the type to have student loans. I would have thought that forgiving student loans would be a fairly obvious and popular action, one with direct effects on large numbers of people.
I don't believe in "I told you so's", but it would be useful to know if there's some way to help convey this messaging in the future. Partial student loan forgiveness may not be the splashiest accomplishment, but it was a realistic incremental improvement to people's lives, and certainly better than the alternative.
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[ 4.7 ms ] story [ 33.0 ms ] threadSo much doesn't make sense.
If you're trying to buy a house, you really should be on top of all your payments. Student loans in particular are extremely forgiving, you can probably get away with only paying once every 60 days just to make sure it doesn't default .
Why are you buying a house if you're not trying to handle your $16,000 in outstanding student loan debt. She probably has to make a larger down payment to move in ?!
It would have made more sense to just pay it off first. At the very least you should be watching your accounts like a hawk when looking to take out of a home loan.
Then again, I was making so much money during the pandemic and I squandered much of it instead of paying off my own student loans. Glass house and all that
A lot of people have told me that the last administration didn't do anything at all for them. They tended to be younger, the type to have student loans. I would have thought that forgiving student loans would be a fairly obvious and popular action, one with direct effects on large numbers of people.
I don't believe in "I told you so's", but it would be useful to know if there's some way to help convey this messaging in the future. Partial student loan forgiveness may not be the splashiest accomplishment, but it was a realistic incremental improvement to people's lives, and certainly better than the alternative.