New program would help college grads buy homes in Upstate NY
It’s been widely reported that millennials and recent college graduates are putting off purchasing homes because of high student debt.
But New York Gov. Andrew Cuomo has proposed a new program to make it easier for young college graduates to afford homes in our hometown of Upstate New York, the Times-Union reports.
College grads incentivized to settle Upstate
The $5 million program, called Graduate to Homeownership, was announced this month and would offer subsidized low-interest loans and down payment assistance to recent graduates who want to purchase homes near the downtown areas of Upstate cities like Buffalo, Rochester and Syracuse.The program will help keep college graduates in Upstate New York once they finish college, something Upstate cities have struggled with in the past. It will also help make home ownership more attainable, even for borrowers who have student loan payments.
As Gov. Cuomo said,
Upstate colleges and universities have world-class programs that produce highly skilled graduates — who then leave for opportunities elsewhere.
This program will incentivize recent graduates to put down roots in upstate communities, helping to bring new energy into their downtown centers, spur their development and increase their economic vitality.
Student debt can be difficult to deal with, but this program could help borrowers who couldn’t otherwise afford to put together a down payment for a home and afford mortgage payments.
And by focusing on Upstate New York, home to several high-quality colleges, the program could help encourage graduates to stay in the area and take advantage of Upstate’s relatively low cost of living.
New York taking steps to help student loan borrowers
We’re excited about this recent development and proud that our home state is taking steps to make college more affordable and make it easier for borrowers to repay their student debt.
This new program comes on the heels of the Governor’s other plans to reduce the burden of high college costs, such as making state colleges free for middle- and low-income families in New York and offering student loan forgiveness for borrowers who have attended high school and college in New York and settle in the state after graduation.
We hope to see other states taking similar steps to make college more attainable for families of all economic backgrounds, as well as to help borrowers who are already struggling to repay their student loans.
No matter what state you live in, if you have student debt, it’s crucial to make sure you’re on the best repayment plan for your situation. For some borrowers, refinancing their loans could help them save thousands on repayment — money that could go toward purchasing a home, getting married or other life milestones.
If you’d like to learn how we can help you repay your student debt, call us at 1-888-234-3907 or send us a message.