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I’d say rent is the main reason. Hard to save for a house when you have give your paycheck to the landlord so he can pay his mortgage.
Divorce. I need to get out of my relationship but don’t know how to do it because I can’t buy a house because my DTI ratio is not good because of my over $90k in student loan debt. And on top of that I’m not making enough to make the $800/mo. payment so I’m doing income driven payments. I’m not getting any where significant with that. Any suggestions on getting this debt down? I have not done loan consolidation. Is it a good option.
We would have had to delay almost every major purchase if it weren’t for Public Service Loan Forgiveness. My wife and I both work for non-profit hospitals. We were probably overconfident 10 years ago before all the PSLF drama surfaced but we relied on the reduced payments and bought a house, reliable cars, and put as much as we could into retirement. We wouldn’t have been able to do any of that without PSLF.
I cannot afford a house because I am paying for your student loan through taxes and inflation. You're welcome.
I don’t think it’s so much “put off” as “not accessible”. If you can’t qualify because your monthly expenses are more and housing prices are so high that you don’t qualify for anything on the market, then you can’t buy a home.
Life happens. If we had waited to “afford” kids, we never would have had them! Plus, I think people have way higher expectations than we ever had. If you want everything to be top of the line —car, house, boat, vacations right when you start out— that’s not going to happen. I think many are strapped because they are trying to juggle all of these payments because they chose an expensive lifestyle on top of student loans.
How about student debt that caused you to not be able to save money for your kids' college and now they will have to change their plans or borrow? People act like I'm irresponsible for not saving more, but wtf you think I've been trying to do?!? It's so easy.. just make more money right?
I didn’t put it off but I qualified for a less because of the loans. They count in the debt to income ratio that determines how much you can get.
Get an IDR
Currently in the process of buying a house. If I didn’t have assistance from my parents I wouldn’t be able to afford it. Even with their help I can’t afford what I would really like.
The way I see it is I am gonna be saddled with the student loans for a long time so I focus more on reducing the debts I can actually put a dent in then I will worry student loans. I also plan to enjoy my life and not just work and pay bills so I don’t put much in savings to begin with anyway.
Living on my own, rent, buying a house - I live with family now.
Freezing my eggs.
Traveling to places I want to see.
An active social life with friends and dating - it's just so expensive to always be going out, buying tickets, doing bachelorettes.
Shopping my values - eco sustainable small biz stuff is so expensive.
Getting a pet and buying a house.
A home, a car, and bigger space for a big dog
Can’t purchase a home due to debt to income ratio with student loans
Super interesting about the DTI ratio and home buying. I’d been thinking about buying a home, especially as some houses I’ve really loved and envied for years have come up for sale lately. It’s hard to watch them get snapped up now for decades. (That’s the norm where I live in a touristy small town.) I have zero knowledge of home buying so it’s valuable info, and motivation, to know I need to pay this student loan debt down first!