New student loan repayment plan could make homeownership easier

The Saving on a Valuable Education plan, a new income-driven repayment plan, could make it easier for federal student loan borrowers to become homeowners.

The SAVE plan reduces the amount of income used to calculate monthly bills and could save the average borrower $1,000 a year.

According to a 2021 report by the National Association of Realtors, half of student loan borrowers, including 60% of millennial borrowers, say their student debt is delaying them from purchasing a home.

“Switching to a repayment plan that has a lower monthly payment can help a borrower qualify for a mortgage,” said higher education expert Mark Kantrowitz.

Read more: CNBC

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