"I wish there was just some way to hide all these student loans somehow!" "That's mortgage fraud."
"I wish there was just some way to hide all these student loans somehow!" "That's mortgage fraud."
I was working on getting a home loan in the next town I was moving to after college. Adam at my bank, the loan originator, told me in a friendly tone and with a friendly facial expression, that I owed $106,000 in student loans (in 2013) so I'd need to make a minimum of $50,000 in a career related to my major to qualify.
(In 2025, I only owe $15,000 now, fortunately.) I tried to convince him that I could keep the loans in deferment indefinitely for as long as I kept taking a minimum of 6 credit-hours every semester at any college I choose. I planned to do so until a new legislation abolished student loans and made public college free, or until an apocalyptic event wiped them away, or until a new miracle technology made me earn more than ever before. (Doordash was that technology; the gig I joined in 2020.) That wasn't enough to overturn his denial decision.
When I told him "Man, I wish there was just some way to hide all these student loans somehow!," he told me "That's mortgage fraud."
That threw me off my train of thought. If I held on tighter, I would've said "You sure make this sound more serious than it feels! So how serious is this 'mortgage fraud' anyway? Like, what are the penalties and all that?"
So what would the fallout have been if anybody looking for a home loan hid (or tried to hide) their student loans?
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