IRVINE, CA / ACCESSWIRE / April 15, 2019 / Student loan debts are affecting individuals long after they've graduated. In fact, according to Bankrate.com, 31% of Americans deal with student loan debt and an additional 13% have financed the education of family members through student loans. This survey reveals that many borrowers have declined home ownership due to the burden of existing loan payments. This goes to show how student loan debts affect a person's ability to pay off home loans or even think about owning a home, long after they graduate from college.
Student Loans: A Limitation on Potential Home Ownership
Student loans remain one of the top reasons may many Millenials put off buying their own homes. This may also explain why so many choose to live with their parents. This is true for many borrowers across the country.
Potential homeowners who live in expensive cities like New York, Boston, and Washington D.C. have the odds stacked even higher against them, with or without student loans. Having to pay off student loans during the first few years of employment and even beyond make it hard for aspiring home buyers to make a down payment for a home. People in the cities mentioned above are priced out of the home market altogether.
The silver lining in all of this is that the industry is responding by easing up on down payment requirements, with the average reduction at about 3% down. This makes it easier for many Millennials to think about renting to buying a house.
These programs aim at reducing mortgage requirements and offering possible loan forgiveness after a number of payments are made. With payment programs like these, it may become easier for borrowers to become debt-free by the time they enter their 30s. This makes the possibility of home ownership more feasible and even attractive to many Millenials.
Financial Preparation for Individuals with Student Loan Debts
Aside from relying on federal programs that ease debt burdens, individuals can also take advantage of independent services that assist in making loan payments more affordable. Companies like Financial Preparation Services offer assistance in all areas of student loan repayments, from financial analysis and document preparation to yearly certification. All these services ensure that the borrower is enrolled in the ideal repayment program and remains on track in making payments.
Individuals saddled with student loan debts who are facing difficulty making payments can avail of their services and work with certified agents experienced in helping clients look for the right repayment plans that will work for them.
Borrowers can get assistance for loan evaluations as well as budgetary consultations taking into account the client's financial situation in determining his or her ability to pay off the loan. They also assist in looking for the right loan repayment programs with lower interest rates so student loans can get paid in full right away.
About Financial Preparation Services
Financial Preparation Services is a private, third-party provider of loan assistance services. It is not an independent lender but rather a service company that assists borrowers in finding alternative loan repayment options better suited to the borrower's financial capacities and repayment goals.
Primary services offered include document preparation and financial consultation, which are needed for a borrower to apply to any government-approved loan repayment program.
The task of navigating through different federal loan service providers and their requirements can be too time-consuming for a regular person, especially one who is working hard to pay off his or her debt. Financial Preparation Services aims to shoulder these tasks so that the client doesn't have to do the legwork. The company does the task of looking at different loan programs, verifying repayment structures, and examining the small print to determine which program can give the client the best benefits. All solutions are tailored to the financial situation of the client. Service fees are only collected once the borrower is enrolled in the ideal repayment program.
With thousands of satisfied clients, Financial Preparation Services is one of the tools that can help borrowers break free from the burden of student loans and achieve financial freedom.
SOURCE: Nu Profile