“If someone calls me today, I’m going to pre-approve them off today’s guidelines. “Some people are going to be shocked to find out that their buying power will be reduced when student loan payments kick back in,” said Bobby Atkisson, a mortgage loan officer and a senior vice president at The Federal Savings Bank in Columbia, Missouri. When borrowers resume making payments this fall, things will go back to the way they were. That made it easier to get loans for everything from cars to houses - but only temporarily. Here’s why: After the pandemic triggered a government moratorium on monthly student loan payments in 2020, many lenders changed how they accounted for those obligations when deciding whether applicants were qualified for other types of credit. As millions of people with federal student loans brace themselves for their first monthly bills in more than three years, there may be more downsides than they realize.īesides having to make payments again - a budget hit made no smaller by Friday’s Supreme Court ruling against loan cancellation - they may find it harder to borrow other types of money, according to lenders.
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