Don’t Let Student Debt Tank Your Housing Application
Student loan debt is an example of how youthful mistakes, or even simply youthful inexperience, can follow you around for years. If you graduated, then the debt balance you still carry can make your awesome GPA seem less impressive. If you did not, then you are probably quick to correct anyone who thinks that college is a low-stakes environment for trying new things and learning from your mistakes. It would be bad enough if student loan obligations simply took a bite out of your paycheck, but they also continue to require payment when you fall on hard times, although remedies are available, such as forbearance and income-based repayment plans. The bad news is that, with the costs of rent so high, millions of former students have little money left in their budget after paying for housing and student loans. The worse news is that spending most of your paycheck on rent and student loan payments sounds like a dream come true when you are delinquent on your student loans and landlords keep rejecting your housing application. There are some things you can do to get approved for housing now, but eventually you will have to fix your student loan situation. If student loans make up a large portion of your debt burden, contact a Boca Raton debt lawyer.
Be Honest With the Landlord About Your Student Loan Debt History
Telling your landlord the truth about your past due student loans is less risky than lying about your credit history. Ideally, you should talk about it before the landlord even starts the background check. This way, you can frame the story to present yourself favorably. For example, you can highlight the fact that you have been continuously employed at your job for multiple years or that you have never missed a rent payment; even when money was tight, you prioritized paying your rent on time.
Make a Payment on Your Student Loans, No Matter How Late and No Matter How Small
It is better for your credit score, and in your landlord’s estimation, if you made one student loan payment after a delinquency than if you have not paid in months. Even a partial payment is better than nothing. Another option is to contact your loan servicer and enter a forbearance agreement before you apply for housing.
Find a Guarantor to Co-Sign on Your Rental Agreement
If landlords will not give you the time of day, then another option is to apply with a guarantor. A guarantor for a rental agreement is like a co-signer on a loan. The guarantor agrees to cover your rent if you do not pay, and the landlord considers the guarantor’s credit history in deciding whether to rent to you.
Work With a Debt Lawyer About Debt Relief Late for Former Students Who Are Serious About Adulting
A South Florida debt lawyer can help you get debt relief if your student loan debt is making it difficult for you to get approved for housing. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.
Source:
cnbc.com/2025/12/29/student-debt-rent.html
