"Student loan balances have ballooned over the past 20 years, growing from $260 billion in 2004 to $1.6 trillion by 2025. According to a recent Point survey, 42% of American homeowners are currently paying student debt for themselves or a family member. Another 37% plan to take on student debt in the future including 10% who don't currently have any student debt."
"As part of the One Big Beautiful Bill Act, five existing student loan plans will be consolidated to a single program. The new plan is expected to raise costs for most undergraduate borrowers at the low and high ends of the income scale, and for nearly all graduate borrowers, while slightly reducing costs for some middle-income undergraduates. Current borrowers can stay on older plans if they make no changes, but new borrowers will only have access to the new system."
Student loan balances surged from $260 billion in 2004 to $1.6 trillion by 2025, and 42% of American homeowners are currently repaying student debt for themselves or family. Another 37% plan to take on student debt, including 10% with no current debt. The average monthly student loan payment is about $500, roughly one-quarter of a typical mortgage payment, and 70% of homeowners with student debt report significant financial strain. Older borrowers (55+) report greater impact. Rising student debt and negative equity are contributing to mortgage delinquency pockets. A consolidation plan will centralize repayment into one program with longer terms and reduced forgiveness opportunities.
Read at www.housingwire.com
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