CENTREVILLE — Maryland is putting more resources into an innovative program that makes homeownership more accessible to members of the Millennial generation who have been trapped by significant student debt.
Gov. Larry Hogan and Secretary Kenneth Holt said the state will commit $70 million for the next phase of the "You've Earned It!" program for Maryland Mortgage Program borrowers who have more than $25,000 in student loan debt and are purchasing a home in one of the state's Sustainable Communities, such as Centreville or Sudlersville.
The program is aimed at assisting potential buyers, particularly members of the so-called "Boomerang Generation," who are employed and have good credit but are saddled with student debt that is proving a barrier to homeownership. These young people are more likely to live with their parents than were young people one or two decades ago and they are saddled with significantly more student loan debt than their predecessors.
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5 comments:
Soooo, no we're going to let people that probably should not have gone to college (maybe they made it in with an Affirmative Action program), got a degree (everybody passes now, you know) - that isn't getting them a job to pay back the student loans (was it the choice of degree or the lack of suitability for the vocation chosen?), and now we're implementing a program to allow them to take on more debt?!
Did we not learn anything from the last sub-prime loan debacle?!
Another consequence of rent being too high.
wonder where Maryland is getting those "resources" from?
Darn... I worked full time the whole time I was in college so I wouldn't have any debt when I graduated...I guess that was the wrong choice. Nobody ever helps the folks that do things the right way.
Yours truly 9:07.
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