Real Estate in West Orange
Marsha Bowen Washington

Help for First Time Homebuyers with Student Loan Debt

student-loanAs the housing market continues to improve, there are still some buyers that cannot take advantage of homeownership due to outstanding student loan debt.  National student loan debt has emerged as billions higher than consumer credit card debt.  This presents a challenge to would be first time homebuyers.

This debt will count towards their debt to income ratio and their monthly student loan payments can exceed 20% of their income.  These payments can prevent first time homebuyers for qualifying for a mortgage.

Up to a quarter of the U.S. workforce is in public service and may be eligible for existing student loan debt forgiveness programs.

CFPB ESTIMATES OVER 25% OF LABOR FORCE IN PUBLIC SERVICE Workers in Thousands, Percent of Total Labor Force, July 2010

As part of the Affordable Care Act next year, graduates with government backed student loans can have their monthly payments reduced from 15% of their monthly income to 10%.

Last month the Consumer Financial Protection Bureau (CFPB) launched a toolkit to empower school districts and other public service organizations to help their employees pay off student loan debt.  The CFPB is asking these employers to make a pledge to inform their employees of their options.  This announcement is part of the Bureau’s ongoing work to enlist the support of employers to improve financial capability in America.  It also follows a number of CFPB initiatives to address student loan affordability.

Information for help with student loan repayment assistance can be found here

Marsha B. Washington
Realtor/Real Estate Consultant
Coldwell Banker Residential Brokerage
ABR – Accredited Buyer Representative
SFR – Short sale/Foreclosure Resource
“Helping first time homebuyers with new beginnings”

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About Marsha Bowen Washington

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Marsha Bowen Washington

Realtor/Sales Associate

973-510-0014973-510-0014 main

Coldwell Banker Residential Brokerage

2 E. Mt. Pleasant Avenue Livingston, NJ 07039



Marsha was highly professional and knowledgeable about the real estate market. She made me feel very confident that I was in good hands. When I began to feel nervous and stressed, she stepped in and assisted with following up with my lender and attorney to... (more)

5Yetta Armstrong

Marsha Bowen Washington is the real deal! She's knowledgeable, friendly, patient, committed, and caring. My real estate venture was very challenging and Marsha stuck with me throughout the whole process even though I extended my search outside of her... (more)


if Marsha had anyother skills besides real estate, my husband and I would use her in those areas as well. She has such calmness that the worst clamity, seems nothing when she is dealing with things. It was the most effortless journey and a pleasure working... (more)

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