Will Student Debt Keep me from Buying , Lancaster,PA ?

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Real Estate Agent with KW Elite
http://activerain.com/droplet/4Yg4

Student Loans = Higher Credit Scores

Student Loans = Higher Credit Scores | MyKCM

According to a recent analysis by CoreLogic, Millennial renters (aged 20-34) who have student loan debt also have higher credit scores than those who do not have student loans.

This may come as a surprise, as there is so much talk about student loans burdening Millennials and holding them back from many milestones that previous generations have been able to achieve (i.e. homeownership, investing for retirement).

CoreLogic used the information provided on rental applications and the applicants’ credit history from credit bureaus to determine if there was a correlation between student loan debt and credit scores.

The analysis concluded that:

“Student loan debt did not prevent millennials from access to credit even though it may delay their homebuying decisions.”

In fact, those with a higher amount of debt actually had higher credit scores.

“Renters with student loan debt have higher average credit scores than those without; and those with higher debt amounts have higher average credit scores than those with lower student loan debt amounts.”

Bottom Line

Millennials are on pace to become the most educated generation in our nation’s history, with that comes a pretty big bill for education. But there is a light at the end of the tunnel:

“Despite the fact that student loan debt has grown into the nation’s second largest consumer debt, following mortgage, and has created a significant financial burden for millennials, it does not appear to prevent millennials from accessing credit.”                                        

 
Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Longtime West Lampeter resident and Lancaster County Realtor!

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Don Hess 12/22/2016 07:58 AM
Topic:
Home Buying
Location:
Pennsylvania Lancaster County Lancaster West Lampeter Township
Groups:
1st Time Buyers
ABR-Accredited Buyer Representatives
Keller Williams
It's A Buyer's Market
Buyer Information - What Buyers Need to Know in Today's Market
Tags:
west lampeter real estate news
penn manor real estate news
solanco real estate news

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Rainmaker
3,592,694
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I just read an article about how college students are borrowing around $12,000 more than they need to for their schooling.  I wonder if it is to go party like one of my nieces did.

Dec 21, 2016 06:27 PM #1
Rainmaker
952,754
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

I just read the post by Nestor & Katerina Gasset about multi-generational households.  Perhaps student debt is a big reason for that.  

Dec 21, 2016 07:22 PM #2
Rainmaker
241,016
Don Hess
KW Elite Keller Williams 1280 Plaza Blvd. Lancaster, PA 17601 - Quarryville, PA

We may have oversold the "Big Name" college idea. I'm aware of two students, both attending accredited colleges, one is a "Big Name" institution, the other not so big, but its been around a long time. They will both come out with the same degree except that one will have 70% less debt than the other. Does that "Big Name" graduate have a 70% better chance of getting a job? They better hope so. 

Dec 22, 2016 07:43 AM #3
Rainmaker
1,146,704
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Timely topic, Michael J. Perry ... I'm facing a challenging issue surrounding student loans right now with one of my mortgage clients.  While the school loan debt is helping in one way ... it's placing challenges in the client's path in others.  We will work it out and successfully close, but the process was definitely slowed and harder as a result of this issue ...

Great post ...

Gene

Dec 22, 2016 09:50 AM #4
Rainmaker
1,709,740
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

448 views to date !

Sep 11, 2017 07:58 PM #5
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Rainmaker
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Michael J. Perry

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