In many cases today, college graduates accumulating student loan debt throughout their education has become the rule as opposed to the exception.
Honestly I can’t say I’m really surprised to hear about the level of student loan debt. Having graduated nearly 9 years ago, I’m still carrying a ton of it myself.
More than I owe in credit card debt? Oh yeah, it’s not even close. Student loan debt wins by a landslide while the degree sits in a closet (though I do believe psychology was the right choice for my eventual career in real estate)
And to tie it into buying a home in Charlotte NC….Student loan debt will be factored into your monthly debt ratio when you apply for a mortgage. EVEN if it’s in deferment or forbearance temporarily for whatever reason. Unless you have proof that it’s going to stay that way for a solid length of time they will count it as a monthly expense and it will affect how much home loan you qualify for.
If you (like so many of us) are carrying student loan debt, it’s also a good idea to check your credit report and make sure it’s reporting accurately. Go to www.annualcreditreport.com which is the official site to get an annual copy of your credit report.
To view a map of student loan data across the U.S. and the average amount by state, visit Graduating from I.O.U.
Copyright©2010 by Diane McDermott, All Rights Reserved, “Student Loan Debt Surpasses Credit Card Debt”
The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in Charlotte NC’s real estate market serving neighborhoods in Charlotte NC