Ohio: Congresswoman Proposes Plan to Help Millennials Purchase Homes

"A proposal from an Ohio legislator aims to help make millennials homeowners at the same time as they pay off student loan debt," Nexstar Broadcasting reports.

"Congresswoman Marcy Kaptur wants to create a pilot program in Ohio, which could eventually become a model for the rest of the nation.  

... Kaptur wants to start a program that merges student loans and mortgages.  She said the program would start with college graduates who have good credit, and have been making their student loan payments on time. 

... Kaptur said the program would encourage homeownership, and may even help cities strengthen neighborhoods suffering from high rates of foreclosure or vacancy. The program could potentially offer graduates a better interest rate on their student loans as well.

But Justin Draeger of the National Association of Student Financial Aid Administrators said interest rates are not the only factor borrowers should consider.  

'There are so many considerations when you’re talking about these types of trade offs,' Draeger said.  'For example, there are build in protection in the federal student loan programs that might not exist in a mortgage.'

Draeger said that as student debt continues to mount, lawmakers should look for more innovative options."

NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

 

Publication Date: 7/18/2017

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