what percentage of your gross salary does the consumer financial protection bureau suggest your student loan payment be in order to be affordable and limit your risk of delinquency and default?
What percentage of your gross salary does the Consumer Financial Protection Bureau suggest your student loan payment be to be affordable and limit your risk of delinquency and default?
Answer:
The Consumer Financial Protection Bureau suggests that your student loan payment should be around 10% of your gross monthly income in order to be considered affordable and to limit the risk of delinquency and default. This guideline helps ensure that borrowers can manage their student loan payments effectively without putting excessive strain on their finances. By following this recommendation, borrowers can better avoid falling behind on payments and facing the negative consequences of delinquency or default.