This watchdog thinks that student loans are the next mortgage crisis
Mike Calhoun, who runs the nonprofit Center for Responsible Lending, sees many similarities between the 2007-2008 mortgage crisis and today’s student loans. The latest student loan debt statistics show that there are approximately 45 million borrowers who collectively owe $1.6 trillion. That makes student loan debt the second highest consumer debt category.
Like the mortgage crisis, minority groups have been disproportionately impacted by student loan defaults. Student loan debt is hurting borrowers credit scores, which hurts their ability to obtain a mortgage. Like the mortgage crisis, loan servicers are not advising borrowers properly on the correct student loan forgiveness and student loan repayment options to avoid student loan default.There is no shortage of proactive measures to help solve the nation’s student loan debt issue. Policymakers, legislators, presidential candidates and the private sector have all proposed solutions to mitigate the impact of any repeat of the mortgage crisis.
You can lower your interest rate when you refinance student loans with a private lender. Lower interest rates mean you can lower your monthly payment and save thousands of dollars in interest. The best time to refinance student loans is whenever you can get a lower interest rate than your current interest rate. There are no fees to apply and no prepayment penalties so you can pay off student loans early.
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