Whether you just moved into a new apartment, have been there for awhile, or are currently looking for a new place, know one thing — your landlord loves your student debt! Wait, really? Yes — your current or future landlord will accept you with open arms and for good reasons.
Creditworthy
Most millennials with college degrees are in severe debt thanks to the high costs of most colleges. However, even though a large debt now exists, an equally as large credit score can be attained. A millennial can have a large amount of student loans, but they can still get approved for credit. Suddenly things are starting to look up!
Impressive Income
For many high paying jobs, a college degree is a requirement. More times than not, the income of a college graduate will be more than a person without a degree. This is also a factor when possible tenants are pre-screened. On a scale of 200 to 800, the average millennial with student debt will score roughly 505. Millennials without student debt will score roughly 480.
High Scores
When possible tenants are screened, it shows that the more student debt a person has, the higher their score can be. Those with less than $25,000 in student loan debt scored an average score of 470. While those with more than $50,000 in student loan debt scored an average score of 550. Having a significant amount of debt never looked so good!
Yes, having a lot of debt isn’t ideal, but it can show your landlord that you a worthy candidate to rent their property. When you would like more information on consolidating loans, contact Sperry Federal Credit Union. To learn more, or to schedule an appointment, give us a call at (516) 873-7171.
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