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Student loans hurt economy

38 million Americans face a staggering $1 trillion in student loans. Instead of investing in their future by purchasing a home, the graduates face the daunting task of repaying their student loans. The housing market was fueled at one time by these first time buyers, but no longer. First time buyers generally accounted for 40 percent of home purchased on the market. In May 2013, that number has shrunk to 28 percent. Americans paying off student loans are, depending on income, 25 to 36 percent less likely town a home than those who are free of student debt.

As Tampa Bay Times writer Drew Harwell wrote in the Tampa Bay Times about student loan debt, more than half of the Florida's class of 2011 graduated with an average of $23,000.00 in debt and at the private University of Tampa, 58% of graduates has an average debt of $31,000.00. With a staggering economy and a scarcity of jobs, many students do not have the resources for big ticket items like homes, automobiles, vacations and other engines of the economy.

The student loan specter is not getting any easier to repay as Congress failed to extend the interest rate for new Stafford loans doubling the interest rate to 6.8%. Student loans have higher interest rates than mortgages as there is no collateral tied to the loan. Also, most student loans are not discharged in bankruptcy and federal student loans do not have a statute of limitation, which means the holder can collect until the death of the student.

Under these circumstances, most student do not have the resources or to carry a 30 year mortgage.

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