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NAR Supports Student Loan Relief

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NAR Supports Student Loan Relief

Category : Real Estate

NAR Supports Student Loan Relief
JUNE 17, 2016
BY VIJAY YADLAPATI, CHARLES DAWSON

On May 25, 2016, NAR issued 6 letters of support for various legislative proposals aimed at addressing the issue of student loan debt. New research has raised concerns about student loan debt and its impact on homeownership and the overall economy. Based on the problems associated with student loan debt, NAR believes that monthly student loan payments and overall student debt is weighing heavily on prospective first-time homebuyers. As a result, NAR passed new policy at the 2016 REALTORS(R) Legislative Meetings and Trade Expo, which reads: “NAR should strongly support policy proposals to allow student loan borrowers to refinance into lower interest rates and to streamline income-based repayment programs. Additionally, NAR supports policy proposals that promote student loan simplification, clarity and education. NAR also shall ensure that mortgage underwriting guidelines related to student loan debt are standardized and do not impair homeownership.”

Read NAR’s student loan debt letters to Congress:

H.R. 4652, the “Clarity in Lending For Education and Repayment Act” (Rep. Takai (D-HI)) (link is external)

H.R. 1434, the “Bank on Students Emergency Loan Refinancing Act” (Rep. Courtney (D-CT)) (link is external)

H.R. 3179, the “Empowering Students Through Enhanced Financial Counseling Act” (Rep. Guthrie (R-KY)) (link is external)

S. 793, the “Bank on Students Emergency Loan Refinancing Act” (Sen. Warren (D-MA)) (link is external)

S. 1948, the “Access to Fair Financial Options for Repaying Debt Act” (Sen. Merkley (D-OR)) (link is external)

S. 85, “The Repay Act of 2015” (Sens. King (I-ME) and Burr (R-NC)) (link is external)

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