Do you think the loan forgiveness program will be done away? If so, how do student loans impact the ability to get a mortgage?

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Kathryn B. Hauer, CERTIFIED FINANCIAL PLANNER (TM)

@KathrynHauer • 12/06/15 This answer was first published on 12/06/15. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Hi! In answer to your first question about loan forgiveness, I simply don't know. The whole student loan issue is such a big one and it seems very political.

In answer to your second question, student loans can impact your ability to get a mortgage, but not any more strongly than any other debt. From my research I see that mortgage lenders look at these factors in deciding if they will lend to you:

High debt-to-income ratio (too high isn't good)
Multiple recent applications for laons
FICO (credit) score (low isn't good)
Frequent job changes
Lack of savings

So any debt that contributes to a high debt-to-income ratio will negatively impact your ability to get a loan.

These answers are very brief - please write back if you would like more info! Have a great day.

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