Wall Street firm pushes for student loan forgiveness Its too early to say exactly how the stimulus measure BlackRock suggested would work, but it would take Congressional action because the federal government administers the majority of student debt. The move could be a creative way to ease student debt, which has quickly become a $1.2 trillion Achilles heel in the American economy. Millennials arent buying many homes. Mounting student debt may be part of the problem. BlackRock estimates there are about seven million people in the U.S. that would be eligible for an FHA-approved mortgage but are burdened by student loans. The thinking is that because they are devoting a large chunk of their income to pay down student debt, they probably arent saving for a down payment on a house. If just one million of them are converted to homebuyers through some form of student debt forgiveness, more than three million jobs could be created, Rieder recently told CNNMoney. A recent National Association of Realtors survey revealed that almost half of Americans pointed to student debt as a huge obstacle to homeownership. The White House and others have proposed to ease the student debt burden by extending the terms of the debt and lowering rates. thepropertyprosrealestate
Posted on: Mon, 03 Nov 2014 16:23:37 +0000
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