Gotta check student debt (by BRAD 20,000 [IN]) Nov 21, 2021 4:53 PM|
Gotta check student debt (by DJ [VA]) Nov 21, 2021 5:57 PM
Gotta check student debt (by Robert J [CA]) Nov 22, 2021 12:30 AM
Gotta check student debt (by plenty [MO]) Nov 22, 2021 8:12 AM
Gotta check student debt (by Nicole [PA]) Nov 22, 2021 9:28 AM
Gotta check student debt (by Oregon Woodsmoke [ID]) Nov 22, 2021 9:47 AM
Gotta check student debt (by S i d [MO]) Nov 22, 2021 10:03 AM
Gotta check student debt (by Nicole [PA]) Nov 22, 2021 11:26 AM
Gotta check student debt (by Ken [NY]) Nov 22, 2021 12:06 PM
Gotta check student debt (by Ray-N-Pa [PA]) Nov 22, 2021 2:16 PM
Gotta check student debt (by Facetious [NE]) Nov 22, 2021 6:48 PM
Gotta check student debt (by BillW [NJ]) Nov 23, 2021 11:41 AM
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Gotta check student debt (by BRAD 20,000 [IN]) Posted on: Nov 21, 2021 4:53 PM
THIS is why we consider student debt when screening.
THIS is why so many young people cannot pay their rent even tho they have a good job.
Yesterday's article by Scott Galloway (Professor at NYU)
Student loan debt ($1.7 trillion) is now greater than credit card debt. The number of Americans who have more than $100,000 in student debt is greater than the population of Utah. --73.102.xxx.xxx
Gotta check student debt (by DJ [VA]) Posted on: Nov 21, 2021 5:57 PM
Out-of-control debt is why I screen using debt-to-income ratio, not just income 3 times(or whatever) the rent.
Whether it is credit cards, student loans, car payment or whatever - it must be considered. --68.229.xxx.xxx
Gotta check student debt (by Robert J [CA]) Posted on: Nov 22, 2021 12:30 AM
I've gotten many college graduates fresh out of college just starting work in their fields. Their debt can be deferred up to 3 years, making no payments but growing larger and larger with the interest.
This means I can easily have my tenant sit comfortable paying the rent on time for a minimum of 3 years before the debt repayment kicks in. BY then their salary has grown and payment reality will kick-in. --47.155.xx.xxx
Gotta check student debt (by plenty [MO]) Posted on: Nov 22, 2021 8:12 AM
Alot of my applications have medical or student loan debt. Student loan debt seems to be deferred and medical ignored. For a one or two year lease I don't bother to count it against them. As they will have moved on before it comes due during a lease that I sign with them. Being responsible is what I look for. Their salary will increase, the bills delayed, they take jobs in different cities/states. For me I ask, get the information and look at the timeline for repayment. --172.58.xxx.xx
Gotta check student debt (by Nicole [PA]) Posted on: Nov 22, 2021 9:28 AM
Not an issue for me. I'd guess and probably be accurate that I have never had a tenant with student debt.
However, my neighbor has a lot of it. I believe $70,000. And apparently our government is going to forgive a good portion of that. Not sure of the details because I didn't ask. She has a good job. Owns a home. Husband has a very good job. They have a pool. Take one cruise a year, another nice vacation and several long weekends. They have a boat. They have several large outdoor bbq parties in the summer. She drives a suv with a $700 a month payment. Yep, let's forgive that debt. --98.237.xxx.xx
Gotta check student debt (by Oregon Woodsmoke [ID]) Posted on: Nov 22, 2021 9:47 AM
I just assumed that no one ever paid any of their student debt. All my years of being a landlord, I've seen plenty of student debt and never any payments being made on it.
As far as I can tell, nobody ever does anything about the non-payment. Make a note on the credit report and nothing happens to the tenant. It's not like they repossess the degree... if the student actually ever finished the degree, which they often don't. --76.178.xxx.xxx
Gotta check student debt (by S i d [MO]) Posted on: Nov 22, 2021 10:03 AM
It blows my mind that parents make such poor decisions to allow students to get saddled with so much debt. And make no mistake: it's the parents who are the enablers as they co-sign for little Jonny or Susie to go into crushing levels of debt that will haunt them for decades after graduation.
I have a family member whose parents co-signed for her to go to private college and get a degree in a very noble but low-paying field. Now she's out with tens of thousands in debt and last I heard her parents are paying the bill. She's not working in the field of her degree: just a normal receptionist job in a Dr's office. Can't afford to work in her field.
If the Fed Govt is going to insist that we the people back all of these loans with tax dollars, then we the people should get a say in what kinds of degrees they qualify for. We don't need any more underwater basket weavers of genders studies majors. Anyway, the left says gender is just a social construct, so why bother studying a figment of our collective imagination?
Gotta check student debt (by Nicole [PA]) Posted on: Nov 22, 2021 11:26 AM
I know a woman in her late 60s with about $80,000 in student debt. She is a teacher. Why in the world would the schools enable someone to obtain that type of debt at her age? Really, the master's was over the top but a doctorate in computer science type crap at 68 years of age obtained with student debt? --98.237.xxx.xx
Gotta check student debt (by Ken [NY]) Posted on: Nov 22, 2021 12:06 PM
Nicole,people in academia are only impressed with degrees,even if they are useless or will cost more than they will produce in income.She is probably a big shot at the school even though this will hurt her financially --72.231.xxx.xxx
Gotta check student debt (by Ray-N-Pa [PA]) Posted on: Nov 22, 2021 2:16 PM
I could live with someone with $100,000 in student debt. That means they normally graduated. It is the folks who have $15,000 and are not paying that are the ones I see where you have to watch out for.
It wasn't that long ago when the standard was you get into total student debt equal to your first years expected wages. --24.101.xxx.xxx
Gotta check student debt (by Facetious [NE]) Posted on: Nov 22, 2021 6:48 PM
A lot of you donít know how student debt works. I have *gasp* six figures of debt. Itís all federal. No, my parents didnít co-sign. Yes, itís going to be a payment I have for 25 more years. Yea, I graduated with an undergrad and two masters degrees. Yes, I make just about six figures now between my ďregularĒ job and my adjunct teaching (which basically covers my student loan payment). The payments are around 600 bucks. Not a big deal. To the person who said their neighbor was getting her debt wiped clean. Thereís more to that story. Either itís private loans (versus federal loans), or she went to some weird college that lost accreditation and were caught with their pants down. She may have also worked 10+ years in nonprofit, for which there is a program for student loan forgiveness. --70.184.xxx.xxx
Gotta check student debt (by BillW [NJ]) Posted on: Nov 23, 2021 11:41 AM
Interesting Facetious. Seems like in your case the loans made sense.
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