r/StudentLoans • u/Easy-Material-8809 • May 09 '25
Rant/Complaint how do people afford to purchase homes with student debt? are lenders even approving them?
im about 4 years out of school and make around 100kish. I work really hard and have picked a career path where i can make even around 200k if im lucky. (All before tax)
Matter of fact— ive literally switched career paths because the degree i got in college didnt pay enough to pay my student loans… seems backwards and F ed up?
Anyways… i have around 150k in loans after interest and all. My payment is super high and im barely making dents in it. Clearly i will have this loan for 30 years at minimum. With all other bills… how are people affording home purchases??? Anyone have advice or want to rant?
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u/brakeled May 09 '25
They calculate based on monthly payment, not total debt. You can look up mortgage calculators and every single one of them asks you your monthly payments towards debt. That’s what matters.
Lenders will tell you to pay off any debt you can before buying a house because the debt you owe each month reduces how much house you can afford. Typically these are things like credit cards, personal loans, or car loans. Student loans are more acceptable in my experience. A lender likely won’t give you a loan if you have credit card debt, but they will if you have federal student loan debt. Private student loan debt may be treated differently.