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Student Debtors Might Not Get Mortgages

Student Debtors Might Not Get Mortgages
August 16, 2012

People with student loans to repay, on average, might not qualify for mortgages because they have too much debt, according to a report  the advocacy group Young Invincibles released Tuesday. The group said that the average single debtor, with consumer debt, student loans and a mortgage, would have a debt-to-income ratio of nearly 50 percent -- too high to qualify for many mortgages. The report, which used average credit card payment minimums, average student loan payments and a range of household incomes, found that student debtors making the median salary for college graduates could have trouble getting a mortgage.

"At least for a time, they can be completely cut out of the market," the group wrote, warning of the economic consequences of such a barrier. 

 

 

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