repayment of student loans

so i had an interview with the chairman of the mortgage bankers association and this is all he talked about the way student loans are killing the first time home buyer they are not able to qualify because they are graduating on average with $30,000 in debt thins is an average meaning that half are above and half are below i went to school on the my dad paid for every thing plan the problem with that plan is that now my son wants to go to college now and feel obligated to pay for him it is a lot more expensive now.. also when i was here last year i went through the strategics on how to handle student loans and some one from the audience said what about debt forgiveness

is there anyone here that was actually able to have a student loans debt forgiven ? how many ? i had four could you come here for a second my strategic is when you come home from college you will have one loan for every term and that is killing your credit score because it looks like you have 10-15 accounts all so the first step to repairing your credit after college is to get a consolidation loan unless you can get the debt forgiven can you tell me the story of how you were able to get college loan debt forgiven?

unfortunately it was because the borrower became permanently disabled so if someone becomes permanently disabled you can get your student loans forgiven. is there any other way that you have work on before? that is the only way i was able to get the debt forgiven ok great thank you that is an option but not a great option so this is the other strategy you have all the student loans you want to group them together and get a consolidation loan what some people say is where do i go to get a consolidation loan ? you start with the company that currently holds the loans

you make the request to have all of the accounts combined into one. that way you wind up with one maxed out student loan account and all the other accounts are zero from a credit score perspective this is a much better situation step two is to get a deferment you all know what a different is correct you apply for the deferment and from a mortgage perspective you can for some loan programs remove the debt from your debt ratio and improve your mortgage application they can remove your student loan from your debt calculation

you can talk to a mortgage provider and there are some good ones here so consolidation loan to a deferment then you are ready for a mortgage application you still need other good credit besides student loans to create a good score i just had someone ask me about a borrower that had a ton of student loans they needed 3 points and they had already put a bid in on a house he has one credit card with a zero balance i say all you need to do is have them charge 5% on that one credit card and you should be fine well i missed the fact that unfortunately they had two maxed out student loans that were at five months and when we went to pull the new report they were then included in the score and the sore dropped

that was my fault and i missed it and they did not get the loan