Student loan | Where is Student Loan Debt the Worst? | Realtor Magazine

Student loan | Where is <b>Student Loan</b> Debt the Worst? | Realtor Magazine

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• Where is <b>Student Loan</b> Debt the Worst? | Realtor Magazine
• New York starts paying <b>student loan</b> debt - Bankrate.com
• <b>Student Loan</b> Debt Relief Applications Accepted By N.Y. State <b>...</b>

Where is <b>Student Loan</b> Debt the Worst? | Realtor Magazine Posted: 07 Jan 2016 12:00 AM PST First-time buyers are called the 'missing link' in real estate's recovery. Research shows that the majority of millennials strive for home ownership, but various factors keep them from buying right now. One big cause for concern is the burden of student loan debt. Read more: The Real Reason Millennials Aren't Buying NAR Research recently took a look at the impact that student loan debt is having on young buyers, and what region of the U.S. is seeing the highest amount of student loan debt. They found that in 2015, 25 percent of first-time buyers under the age of 34 said saving for a down payment on a home was the hardest step in the process. 58 percent of this group mentioned that student loan debt kept them from buying a home. Certain regions are faring better than others. The South Atlantic states, Delaware, Maryland, Washington, D.C., West Virginia, Virginia, North Carolina, South Carolina, Georgia, and Florida, had the lowest median student debt at $15,000. On the other hand, the East South Central region, which includes Kentucky, Tennessee, Mississippi, and Alabama, had a median student loan debt of $70,000. According to NAR Research, this contrast "warrants further research into how the number of jobs and salaries on the market affect student loan debt thus delaying younger buyers from purchasing a home for three to five years." Source: "Student Loan Debt Hampering Home Buying: A Regional Perspective," NAR Economists' Outlook Blog (Jan. 5, 2016)

New York starts paying <b>student loan</b> debt - Bankrate.com Posted: 06 Jan 2016 09:09 AM PST Email Email iStock.com/mj0007 Recent grads in New York are getting a break on student loans. New York state recently started offering a loan forgiveness program that provides up to 24 months of relief for federal student loan debt. What's the program? Called the "Get on Your Feet Loan Forgiveness Program," it aims to help out recent grads with federal student loans. Those individuals may be struggling to find a job or having trouble paying off their loans with their current salary. The program went live on Dec. 31 and offers up to 2 years of relief for federal student loan debt. If you're financing college through a personal loan, check out the loan rates at Bankrate.com. "Ensuring students are able pay for college and not saddled with debt is critical for both their individual success and the continued economic growth of New York State," Governor Andrew Cuomo said in a statement. The program's requirements There are some restrictions on who can participate in the loan program. For starters, you're only eligible if you live in New York state, graduated from a New York college or university and earn less than $50,000 per year. And you must be enrolled in a federal-income repayment plan, which typically caps payments to 10% of your discretionary income, according to the Get on Your Feet New York State program site. The program also requires that applicants: • Be a U.S. citizen. • Graduated from a New York State high school or have a New York high school equivalency diploma. • Have no higher than a bachelor's degree at the time of application. • Apply within 2 years of receiving an undergrad degree. • Be current on all federal or New York state student loans. Notably, this program is only for those with federal student loans. If you have a personal loan, you're still obligated. Such personal loans are private student loans that are funded by banks, credit unions, or other types of lenders. Your ability to qualify for and borrow a private student loan may be based on numerous factors that can include your credit history, whether or not you choose to have a co-signer, your co-signer's credit history, your choice of school, and your course of study. If you're augmenting a federal student loan with a personal loan, consider the rates at Bankrate.com. Where to apply More than 2,500 graduates from the class of 2015 already have applied through the program. By 2020, it's expected that more than 24,000 grads will be participating, according to a program press release. If you're interested, you can apply through the New York State Higher Education Services Corp. Follow me on Twitter: @MitchStrohm

<b>Student Loan</b> Debt Relief Applications Accepted By N.Y. State <b>...</b> Posted: 05 Jan 2016 06:11 PM PST January 5, 2016 9:11 PM ALBANY, N.Y. (CBSNewYork) — New York state has begun accepting student loan forgiveness applications for students who attended college in the state in the past year. Gov. Andrew Cuomo announced last week that the state began accepting applications for the Get On Your Feet loan forgiveness program on Thursday, Dec. 31. The program allows for up to 24 months of federal student loan debt relief to recent college graduates living in the state. "Ensuring students are able pay for college and not saddled with debt is critical for both their individual success and the continued economic growth of New York State," Cuomo said last week. "With this program, we are telling recent graduates: if you invest in New York's future, we will invest in yours." The governor's office said multiple studies have shown that helping students pay for college is critical to ensuring their future success. Students with debt are less likely to start a small business or buy a home, and the consequences of defaulting on a loan can be devastating, Cuomo's office said. The Get On Your Feet program supplements the federal Pay As You Earn repayment program, and allows eligible college graduates living in New York state to pay nothing on their student loans for their first two years out of school, Cuomo's office said. To qualify, applicants must have earned their degree from a college or university in New York state no earlier than December 2014, have an adjusted gross income of less than $50,000 a year, and be enrolled in the federal Income Based Repayment plan or Pay As You Earn Plan. Recipients will have a maximum of 24 payments, equal to their monthly student repayment amount, paid by the program on their behalf, the governor's office said. Applications are accepted year-round, the governor's office said. blog comments powered by HIS FORECAST DIRECT TO YOU Bloomberg WCBS Tri-State Business Index

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