Homeowners can now tap into home equity to pay down student loan debt
Many Americans can relate to the joy of graduating and starting their first job only to face the monthly grind of paying off their student loans.
The numbers are startling:
- 40 million Americans today have student loan debt
- 70 percent of college graduates have debt
- 2015 graduates average $35,000 in debt
I graduated with $25,000 in student debt and just a degree in philosophy to show for it. I remember the feeling of relief the day I made my last payment on my student loan. A weight was lifted off my shoulders. All that time studying Plato paid off.
Paying off student loan debt can take years and inhibit consumers from making other important purchases like buying a home. To help, Fannie Mae turned to SoFi, an online personal finance company.