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Will forgiving student loans boost home purchases?

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Student loans have a total debt of $1.2 trillion, and is a huge hindrance to the United States economy. In recent news, private firms have been seeking innovative ways to combat student loan debt. One Wall Street firm, BlackRock is looking to pay off some student loan debt for first time home buyers in America.

Seven million people in the United States would be approved for a Federal Housing Administration mortgage, however, the housing market is looking bleak because a lot of Millennials are not purchasing homes. Millennials may not be purchasing homes because of the amount of student debt they owe. Potential home buyers are devoting a large amount of their incomes to pay down student debt, which means they are not thinking too much about saving for a down payment on a home.

According to Blackrock, student loan debt has risen over 350% since 2003. They believe that if some student debt could be forgiven, then more people would be able to afford homes, then more jobs would be created, which in turn would cause Americans to have more disposable income, that they would spend by purchasing other items, thus boosting our economy.

While this idea is being debated by the federal government to be approved, one way to help with debt relief is education on managing money and budgeting for the future. Making debt payments regularly and on time is a huge step toward decreasing debt. Also repayment plans are helpful in order to get debtors to be able to save for other milestones in their lives such as, buying a home.

Works Cited:

Egan, M. (2014, October 31). Will this get millennials to buy homes? Retrieved November 5, 2014,

from http://money.cnn.com/2014/10/31/news/economy/student-debt-forgiveness-wall-street/index.html?iid=SF_PF_River

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