How student loans impact homeownership
Today’s HousingWire Daily features a crossover episode from HousingWire’s Girlfunds podcast. During the episode, LoanSense CEO and co-Founder Catalina Kaiyoorawongs discusses why student loans are one of the biggest barriers to homeownership.
In the episode, Kaiyoorawongs shares her advice on how listeners can navigate student loan debt and accomplish their goal of owning a home.
For some background, LoanSense is a homebuyer preparation tool that helps consumers crush debt and student loans in order to close on a house. She is also a student loan expert through her nonprofit work in both helping the socioeconomically challenged get access to college through grants and helping student loan debt borrowers get access to forgiveness. In fact, she counseled over $50 million in student debt on excel spreadsheets and used that data to create an algorithm for LoanSense’s software. She was also a Bill and Melinda Gates education fellow, doing research on education policy.
Here’s a snippet from the Girlfunds article on student loans:
“If you are in your late 20s and 30s and you have a belief that you can’t afford a house, it’s likely to be completely untrue. Number one, you should get a plan to see if you can reduce your payments, therefore reducing your debt to income, which is used to help you qualify. That’s number one. Number two is if you can’t qualify this second, you need to plan so you can qualify a year from now. And, we can help you do that. So don’t let notions confuse you. Get facts and get a plan. That’s what I always say to people. Get facts and get a plan because education should lift us up the economic ladder, not delay our opportunities in life,” said Kaiyoorawongs.
HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.