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Drowning in Student Debt: Why Some Millenials Can't Afford to Buy
I recently read an article from the National Association of RealtorsĀ® that only 20% of millennials (aged 22-35) with student debt own a home. Of the 80% who don't own homes, a whopping 83% believe that their student debt has affected their ability to buy. Further, these millennials stated that they expected their student debt to delay purchasing a home for a median of 7 years, with 84% expecting to delay home ownership by at least 3 years. I found this information dismaying, as both a real estate professional who often works with first-time buyers, and as a mom whose son is about to enter his senior year of high school. We are currently exploring college options and among the many factors we are evaluating is cost. While I want my son to get the best education to give him the best opportunities, do I really want him (or me) graduating with a soul-crushing amount of student debt? Student debt represents $1.4 Trillion in U.S. debt, and can impact purchasing a home, starting a family, and saving for retirement.
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So I was glad to find an episode on the Bigger Pockets Money podcast dedicated to how to pay off your student debt. ... more

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