2 The Hampton Roads Messenger


HOMEOWNERS their


FROM PAGE 1 federal student loans, which


cap federal student loan payments at roughly 10% of their income. Income-driven repayment is a critical safeguard during periods of unemployment or other income shocks that help avoid the consequences of default. Homeowners may also be trading away loan forgiveness options available to teachers and others who work in public service.


Private student loans generally


lack flexible repayment options like income-driven repayment. Borrowers with Parent PLUS loans also have more limited options, compared to other federal student loans.


According to Fannie Mae and SoFi, homeowners with outstanding cosigned student loans had an average balance of $36,000, and those with outstanding Parent PLUS loans had an average balance of $33,000.


Borrowers should also consider


the tax implications of refinancing student debt. Borrowers who itemize their deductions and whose income is too high to qualify for the student loan interest deduction may be able to take advantage of tax benefits through the mortgage interest deduction when using mortgage credit to pay off student debt.


Fannie Mae also announced


additional guidelines that impact how mortgage originators should consider student debt burdens. Mortgage


originators can now consider a borrower’s monthly repayment burden as either the reported repayment level on a consumer’s credit report, 1% of the outstanding student loan balance, or a calculated payment that


fully


amortizes the loan. According


National to data Association from the of Realtors,


71% of non-homeowners believe their student debt has delayed them from buying a home.


“For too many borrowers, student debt feels like a big barrier to the dream of homeownership. While these changes won’t change those feelings overnight, they may help the mortgage industry adapt to the financial realities of today’s aspiring homeowner,” Chopra said.


The announcement underscores the need for close monitoring by the Consumer Financial Protection Bureau of student loan servicers and mortgage originators.


The has previously consumer agency reported widespread


failures in the student loan servicing industry, including inaccurate payoff statements and other practices lead to default.


CFPB oversight will help to


ensure that lenders offering student loan cash-out refinance products provide clear disclosures to borrowers and avoid engaging in illegal practices that previously plagued the mortgage market.


that


Volume 11 Number 8


May 2017


Postal Workers Join Forces with Area Food Banks to Help


Stamp Out Hunger Will Sign, Seal, and Deliver the Country’s Largest Single-Day Food Drive


Bank of the Albemarle, the Foodbank of


NORFOLK, VA – The Food Southeastern Virginia


and Eastern the


Shore, and the Virginia Peninsula Foodbank are asking for the community’s support on May 13, 2017, as it joins forces with America’s letter carriers in their annual Stamp Out Hunger Food Drive. In its 25th year, the National


Association of


Letter Carriers, Stamp Out Hunger is the largest single-day food drive in the country. The event helps to support local food banks and the one in seven residents who struggle with hunger in our area.


Community supporters can join the food banks and help those who struggle with hunger by simply collecting can and dry goods in a specially designed Food Lion bag that will be dropped in mailboxes the second week of May. All filled food bags (plastic preferred) should be placed


out near participant’s HRM's Photo of the Month


mailboxes on the morning of May 13th so that letter carriers can pick them up during their routes.


The


collected donations will then be hand delivered to local food banks, and the items will be distributed to those facing hunger across our community.


“Stamp Out Hunger is like no other food drive. It allows every community


across the country Southeastern Virginia are grateful and to to


collectively come together on one day to do their part to fight hunger,” said Ruth Jones Nichols, CEO, Foodbank of


Eastern Shore. “We


our


community for their donations of non-perishable items to benefit all three food banks and for the letter carriers who use their valuable time to collect each bag,” said Karen Joyner, CEO, Virginia Peninsula Foodbank.


If you are unable to contribute food, you can donate money anytime to your favorite local food bank at


www.localfoodbanks.org. the


Mayor John L. Rowe, Jr. and City Manager L. Pettis Patton join Police Chief Tonya D. Chapman and the new Portsmouth Police Officers


“my


study time” From homework help and online resources to study skills


and research assistance, Norfolk Public Library is here to guide students of all ages.


Tell us why NPL is YOUR library! #itsmyNPL


Norfolk Public Library • norfolkpubliclibrary.org


Portsmouth's Newest Police Officers Were Sworn In Today Congratulations to the women and men of Basic Law Enforcement Class 17-A who were sworn in this morning as City of Portsmouth Police Officers. Tonight, they will graduate from the Hampton Roads Criminal Justice Training Academy; tomorrow, they will begin their post-Academy training; and, within the next two months, these new Police Officers will begin their training in the community.


Congratulations and much success to them as they begin the next phase of the journey within their law enforcement careers. #BLEClass17A


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