Among recent home buyers, nearly one-quarter of all home buyers, and 37% of first-time buyers, have student loan debt, with a typical amount of $30,000. Even more troubling, 61% of non-homeowning millennials said that student loan debt is delaying their ability to buy a home. According to a recent NAR study on student loan debt, 51% of all student loan holders say their debt delayed them from purchasing a home. Thirty-six percent of student loan debt holders say student loan debt delayed their decision to move out of a family member's home, a percentage that rises to 52% among Black debt holders.

To address the growing debt burden, NAR supports a multipronged approach. Financial education should be expanded to aid students as they face decisions about financing their education, while aid programs should be simplified. For those who hold debt, opportunities to consolidate and refinance debt at lower rates would help debt holders lower monthly debt payments, make large purchases, and make wise life choices. Finally, NAR favors expanding tax preferences for employers who assist employees with their student debt as well as tax forgiveness for debt holders who have their debt forgiven or paid off by their employer.

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