One of my friends is $25,000 in debt from student loans. He has a high paying job, but still lives at home so he can aggressively pay them off (I think he started at about 80k). I have another friend who is now an engineer, but is still living in an apartment with a roommate and carefully budgeting his groceries, since he’s about 90k in student loan debt. Now, I know these are some pretty extreme examples, but almost everyone I know has some form of student loan debt (usually between 10 and 25k). And people wonder why millennials aren’t buying homes.
However, not all hope is lost. If you’re desperately in need of relief, you can always try student loan consolidation, refinancing, or forgiveness programs. If you’re not desperately in need of relief, and one day dream of buying a home, then you need to know that it’s entirely possible to maintain a mortgage while paying off student loans. Check out this post by Melanie Lockert at Student Loan Hero for more information:
-Create a graduated savings plan: With a graduated savings plan, you can put the majority of your discretionary income toward debt while continuing to save for a house. Each year in the timeline, the proportion starts to reverse
-Check your debt-to-income ratio, as it will affect whether you will get approved for a mortgage
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