Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:this income cap sh** makes my blood boil. In principle it sounds like the right thing to do, but it screws more people than it helps. I make $125k in my hometown in Arkansas is not the same as $125k in this expensive DMV area.

Isn't it just mirroring whatever the HHI was for the 2020 and 2021 pandemic stimulus checks?

it is. I was fine with that. Although it would have been nice to get a $1200, that wasn't going to break me. These student loans are a lot different. I can't even qualify for a decent mortgage. My credit score is 763 and for what? 275k won't even get me a studio in DMV unless I want to be 60 miles away from where I work.

You mean your credit score is great but your student loans are jacking up your debt to income ratio, thus sinking your pre-approved mortgage amount?

If that's what you mean, it's a good anecdote that in light of the housing market spike and inflation, $10K is just too lower. It ought to be $25K, depending on income. Or $10K and write off all of the interest which has accrued from the original principal. But $10K really isn't going to move the needle (anymore) after soaring housing, auto, and food costs.

yes that is what I mean. and I have a couple friends in the same predicament. And here's the deal--my monthly payment is $622. Been paying on time for 7 years and my balance has decreased $19.

Wow! I don't have student loan debt, so I hope this isn't too invasive. Can you share you est. original principal and what year it began, est. what you've paid thus far, and where est. current total balance? Is this for both a bachelor's and some sort of master's or professional degree?

From what I gather, the usury on these loans is really drowning people. Especially if you're an unmarried millennial, you can't get ahead. And you just missed out on making well over $100K+ on a house over the last 2-3 years. Now you have to try to buy into the red-hot housing market. It's so unfair.

My original principal amount was $104k and 7 years later of on-time payments the principal is $103,981. When I graduated 7 years I got a job with a starting salary of $43k. I've busted my arse for 7 years to get across the six figure line. And honestly I didn't even make over $85k until 3 years ago. So I'm just able to save more money for a down payment. Right now, I have enough savings to do FHA 3.5% for a $325k mortgage. but the bank doesn't even want to give me more than $277K. I could have been at closer to 10 percent, but I have been putting away 5% for retirement. My first year working I did not put into retirement, I put $4,400 of extra money toward my student loans and the daily compounding interest just ate that up. So, I made different decisions--especially after seeing my parent struggle in retirement from lack of savings.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:this income cap sh** makes my blood boil. In principle it sounds like the right thing to do, but it screws more people than it helps. I make $125k in my hometown in Arkansas is not the same as $125k in this expensive DMV area.

Isn't it just mirroring whatever the HHI was for the 2020 and 2021 pandemic stimulus checks?

it is. I was fine with that. Although it would have been nice to get a $1200, that wasn't going to break me. These student loans are a lot different. I can't even qualify for a decent mortgage. My credit score is 763 and for what? 275k won't even get me a studio in DMV unless I want to be 60 miles away from where I work.

You mean your credit score is great but your student loans are jacking up your debt to income ratio, thus sinking your pre-approved mortgage amount?

If that's what you mean, it's a good anecdote that in light of the housing market spike and inflation, $10K is just too lower. It ought to be $25K, depending on income. Or $10K and write off all of the interest which has accrued from the original principal. But $10K really isn't going to move the needle (anymore) after soaring housing, auto, and food costs.

yes that is what I mean. and I have a couple friends in the same predicament. And here's the deal--my monthly payment is $622. Been paying on time for 7 years and my balance has decreased $19.

Wow! I don't have student loan debt, so I hope this isn't too invasive. Can you share you est. original principal and what year it began, est. what you've paid thus far, and where est. current total balance? Is this for both a bachelor's and some sort of master's or professional degree?

From what I gather, the usury on these loans is really drowning people. Especially if you're an unmarried millennial, you can't get ahead. And you just missed out on making well over $100K+ on a house over the last 2-3 years. Now you have to try to buy into the red-hot housing market. It's so unfair.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:this income cap sh** makes my blood boil. In principle it sounds like the right thing to do, but it screws more people than it helps. I make $125k in my hometown in Arkansas is not the same as $125k in this expensive DMV area.

Isn't it just mirroring whatever the HHI was for the 2020 and 2021 pandemic stimulus checks?

it is. I was fine with that. Although it would have been nice to get a $1200, that wasn't going to break me. These student loans are a lot different. I can't even qualify for a decent mortgage. My credit score is 763 and for what? 275k won't even get me a studio in DMV unless I want to be 60 miles away from where I work.

There actually are, but you may need to adjust your expectations.

There are 2 and 3 bedroom GHIs in Greenbelt. A two bedroom SFH in Hyattsville. If you work in VA, that will be hard, but there are places in PG county.

I am actually considering PG county if I stay in this area. But I work in Arlington. If my job allows me to work remote (permanently), I may move to central New York (Rochester). I can get a nice house for $150k.