Nation: Student Loan Debt Hurting Home Sales

Senator Elizabeth Warren, who could be Hillary Clinton’s Vice President nominee, told Realtors in Washington, DC she is tackling the student loan debt with the introduction of “The Bank on Students Emergency Loan Refinancing Act,” S. 2432, which would help make repayments more manageable by allowing borrowers to refinance student loans. She is a member of the Senate Banking Committee and a described herself as a Dodd-Frank advocate. She said seven of ten students have loan debt, with the total national student loan debt estimated to be $1.3 trillion. Warren said this threatens our economy. She blames Congress for “shameful loan interest rates” and believes the government is making billions in profits on those loans. According to Warren, this is a core issue impacting home sales and middle class.

NAR’s Lawrence Yun noted home ownership is at a 50-year low and students are delaying home purchases for five years due to loan debt. At its May 14 meeting, NAR’s Board of Directors adopted a policy that seeks to ease student debt burdens that threaten to make it harder for people to become home buyers.

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