Saving Deals With Student Loans – Debt Ceiling Consequences for Borrowers with Student Loans
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Thank you to everyone that attended this class live. For those of you that are watching the replay, you're in for a treat!
We had a special guest this week, Geneine White, with LoanSense.
In less than two months, every American with a Student Loan will have to start making payments again after three years of being forced into administrative forbearance. As quickly as the payments were shut off.....they're being turned back on!
This is bad news for anyone with student loan debt. Inflation is already squeezing most families. Credit card interest rates and balances are at historic highs. Delinquencies on mortgage and non-mortgage debt are increasing. This is going to be a burden that many families are not going to be able to absorb.
The answer for most homeowners finding themselves in this situation is to use the equity in their home to consolidate all of these expenses into an overall lower monthly payment. But what if the student loan payment that now "popped" up in their DTI pushes their ratios out of range for financing?
The simplest answer is to put their student loans into an income-based repayment plan. You can legally and quickly dial in those student loan payments, cutting that expense in half or more in most cases!
But BEWARE! Private student loan consolidation companies are going already hitting the airwaves and the internet, tricking consumers into removing their loans from federally protected programs that can help them into a big fat "credit card" payment that will lock them permanently out of the benefits, and forgiveness programs available through Federal Student Loan repayment programs.
In this class, we discuss the urgency of being an expert on this topic and how to leverage your LenderLaunchPad platform to educate Consumers and Realtors about what options may be available to them.
Watch this incredibly insightful conversation in the Library. Review the slides included in this presentation, and reach out to Genene at LoanSense for more information about how you can arm yourselves with the tools and the education to help the thousands of hurting families in your market.
Here is Genene's contact information:
lender.myloansense.com
genene@myloansense.com
734.361.3520
Thank you to everyone that attended this class live. For those of you that are watching the replay, you're in for a treat!
We had a special guest this week, Geneine White, with LoanSense.
In less than two months, every American with a Student Loan will have to start making payments again after three years of being forced into administrative forbearance. As quickly as the payments were shut off.....they're being turned back on!
This is bad news for anyone with student loan debt. Inflation is already squeezing most families. Credit card interest rates and balances are at historic highs. Delinquencies on mortgage and non-mortgage debt are increasing. This is going to be a burden that many families are not going to be able to absorb.
The answer for most homeowners finding themselves in this situation is to use the equity in their home to consolidate all of these expenses into an overall lower monthly payment. But what if the student loan payment that now "popped" up in their DTI pushes their ratios out of range for financing?
The simplest answer is to put their student loans into an income-based repayment plan. You can legally and quickly dial in those student loan payments, cutting that expense in half or more in most cases!
But BEWARE! Private student loan consolidation companies are going already hitting the airwaves and the internet, tricking consumers into removing their loans from federally protected programs that can help them into a big fat "credit card" payment that will lock them permanently out of the benefits, and forgiveness programs available through Federal Student Loan repayment programs.
In this class, we discuss the urgency of being an expert on this topic and how to leverage your LenderLaunchPad platform to educate Consumers and Realtors about what options may be available to them.
Watch this incredibly insightful conversation in the Library. Review the slides included in this presentation, and reach out to Genene at LoanSense for more information about how you can arm yourselves with the tools and the education to help the thousands of hurting families in your market.
Here is Genene's contact information:
lender.myloansense.com
genene@myloansense.com
734.361.3520