August 26, 2022

By Monica Hogan, Inside Mortgage Finance

New student loan debt forgiveness is expected to have a marginal impact on first-time homeownership in the short term, according to mortgage industry watchers.

President Biden this week signed an executive order canceling $10,000 in federal student loan debt for millions of borrowers. The White House also announced up to $20,000 loan forgiveness for Pell grant recipients, and an extension to a pause on federal student loan payments through December.