this post was submitted on 02 Oct 2023
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If a person can't budget to pay off a student loan are banks even considering giving them a mortgage?
I’m assuming banks were considering paused student loan obligations in their calculations, but either way it’s not that a person can’t “budget”, it’s just you can only carry so much total debt. So if you have a $100/mo in student loans, that’s whatever $100/mo less in a 30yr loan.
I know you probably just said a random number, but I think student loans tend to be much higher than that. I graduated in 2007 with $100k in loans and the payment was $750 per month. I know that's a fairly high total, but I think the rates were better then too. It wouldn't surprise me if people were facing $500 per month or more these days.