On May 25, 2016, NAR issued 6 letters of support for various legislative proposals aimed at addressing the issue of student loan debt. New research has raised concerns about student loan debt and its impact on homeownership and the overall economy. Based on the problems associated with student loan debt, NAR believes that monthly student loan payments and overall student debt is weighing heavily on prospective first-time homebuyers. As a result, NAR passed new policy at the 2016 REALTORS(R) Legislative Meetings and Trade Expo, which reads: "NAR should strongly support policy proposals to allow student loan borrowers to refinance into lower interest rates and to streamline income-based repayment programs. Additionally, NAR supports policy proposals that promote student loan simplification, clarity and education. NAR also shall ensure that mortgage underwriting guidelines related to student loan debt are standardized and do not impair homeownership."
Read NAR's student loan debt letters to Congress:
H.R. 4652, the “Clarity in Lending For Education and Repayment Act” (Rep. Takai (D-HI))pdf
H.R. 1434, the “Bank on Students Emergency Loan Refinancing Act” (Rep. Courtney (D-CT))pdf
S. 793, the “Bank on Students Emergency Loan Refinancing Act” (Sen. Warren (D-MA))pdf
S. 1948, the “Access to Fair Financial Options for Repaying Debt Act” (Sen. Merkley (D-OR))pdf
S. 85, “The Repay Act of 2015” (Sens. King (I-ME) and Burr (R-NC))pdf