More than 30 percent of millennials owe $20K-plus in student loans

A new survey from FICO found that 32 percent of millennials owe $20,000 or more in student loans, while 45 percent owe $7,000 or more on auto loans. Two in five are concerned about their level of debt.

Nearly every millennial surveyed said that car ownership is a necessity, and 91 percent prefer the use of one for daily transport. Around 19 percent of them would even use a credit card to buy a car.

On the other hand, millennials view student debt as an impediment. This is backed up by a recent report from the National Association of Realtors, which found that 71 percent of “non-homeowners” with outstanding student loans feel it is significantly impacting their ability to purchase a home.

Are you concerned that your student debt is hurting your ability to purchase a home? Travis Credit Union’s knowledgeable mortgage loan consultants can help review your financial picture and match you with the home loan program that best fits your needs. For more information about our home loan programs, visit www.traviscu.org/real-estate.

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