Should You Purchase a House While Still Paying Student Loans?
A lot of loans are considered to be a kind of investment. Your student loans were considered to be an investment in your education when you took them. Only if you are smart about it, financing a home can also be an investment for your future.
You may be able to get rid of your student loan debt altogether with the help of the Obama Student Loan Forgiveness Program. Making good use of it could also free you up for a house purchase that you have been dreaming of.
Just because you are not qualified for the loan forgiveness, doesn’t mean you have to give up your hope of owning a home. You just really need to be wise about it. Below are some of things that you might want to consider.
It often feels like you are just throwing away money on something that you can’t call your own when you are renting. You have to understand that you will be getting more than a mortgage payment when you decide to purchase a house of your own.
Whether you should only rent or actually buy a home while still paying for your student loans will be determined by a few things, such as:
> If you plan to stay in your current location or not
> If you have the money in your saving account or not
> The interest rates of your student loan
> Your debt to income ratio
In owning your own house, there are a lot of known benefits. Before you sign in for more debt, you just have to make sure that you have done your research.
Going For Loan Forgiveness
Obviously, buying a house will become a lot easier if you have already eliminated your other debts.
A number of employment opportunities will be able to get you qualified for student loan forgiveness and give you benefits at the same time. A great example of this is being a public school teacher or a state or federal government employee will be able to provide you with great health and retirement benefits that will save you a lot of money.
You may already be qualified for loan forgiveness if you have a career or degree in:
> Education Career or Degree
> Enforcement of the Law
> Public Service Career
Never Give Up!
Even if you are not qualified for the loan forgiveness, do not give up on your dream of owning a house. Even while you are paying for your student loans, there are still a lot of ways in which you can own a house. All you have to do is to never give up and to search intently.