IRVINE, Calif., April 14, 2019 /PRNewswire/ -- Financial Preparation Services, a company that focuses on helping people deal with student loan debt, recently started to focus on millennial homebuyers dealing with a number of issues because of their current financial situation. So many millennials are facing the issue of dealing with a lot of student loan debt, and they are not getting solid options when they are looking to purchase a home.
Student loan debt is over $1.5 trillion, and there is no sign of it slowing down across the United States. With so much student loan debt adding up, more and more people are starting to realize that owning a home is more of a dream than anything. That is where Financial Preparation Services is hoping to step in at least a little bit.
The first step, outlined by the company, is to find out a true solution that can actually work for a person who is trying to pay down their student loan debt. There are a number of plans for a person to be put on to make something like that work. About one out of every three people in the United States are dealing with student loan debt after seeking higher education, and it is definitely an epidemic to say the least.
After there is a true plan put in place, it needs to be actually executed. That means making monthly payments, staying on top of those payments and even paying more towards student loan debt if need be. It can be a very frustrating experience as a person is trying to crunch the numbers as much as possible, but it does pay off in the end.
Once there is a career being built for a person, the next step is to then start to look at buying a home. Millennials are getting a bad reputation for not being able to live on their own, but it is much tougher to buy a home because getting approved for a loan is difficult. If a person is carrying a lot of student loan debt or other types of debt, getting a loan on the right terms is next to impossible for a lot of people.
Right now, many millennials are just putting off buying a home at this stage in their life. Even people in their upper 30s are still either living with roommates, parents or in an apartment. Renting is always somewhat of a solution for many people, but homeownership is what a lot of people are looking for. Not having the opportunity to own a home can be very frustrating for somebody who wants it.
Just a generation ago, only about 15% of baby boomers actually had issues with buying a home because of student loan debt. Getting an advanced degree of any kind is going to cost quite a bit of money, and it is pretty inevitable for a person to go into debt to pay for all of it. That can certainly delay buying a home, and buying other things that might interest them.
No matter where a person lives, they should be able to afford some type of home if they are making a decent salary. Some of the major cities in the United States make it pretty much impossible for a person to purchase anything unless they really have a big savings built up. Pricing for homes is just getting out of control, and student loan debt is holding people back. Financial Preparation Services is hoping that they can do their part to help people understand that, get out of debt and plan for the future that they actually want.
SOURCE Financial Preparation Services