Loans are typically a type of investment. When you took your student loans, they were considered to be an investment in your education. 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 don’t qualify for a loan forgive doesn’t mean you have to give up your dreams of owning a home. All you have to do is be smart about it. Here are a few things that you might want to take into consideration.
Renting Vs Purchasing
Renting sometimes makes you feel like you’re throwing away your money on something that you won’t be able to call your own. But, before taking the step of purchasing a house, you have to understand that you will be getting more than a mortgage payment when you do.
Whether you should just rent or opt to purchase while still paying for your student loan debts will be determined by a few factors, including:
> If you are planning to stay in your location at the moment
> If you have the money in your saving account or not
> Your student loan’s interest rates
> The ratio of your debt to income
In having your own house, there are a lot of advantages. Before you pile in for more debts, make sure that you have already done enough research on the matter.
Going For Loan Forgiveness
Obviously, if you will be able to eliminate your other debts, buying a house will become a lot easier.
A number of employment opportunities will be able to get you qualified for student loan forgiveness and give you benefits at the same time. For instance, public school teachers and other federal or state government jobs will be able to offer good retirement and health benefits that can save you a lot of money.
You may already be qualified for the loan forgiveness if you have a degree or career in any of the following:
> Medical Services
> Education Career or Degree
> Enforcement of the Law
> Service to the Public
Do not Give Up!
Even if you are not qualified for the loan forgiveness, do not give up on your dream of owning a house. There are a lot more ways in which you may own a house even while paying your student loans. All you have to do is to never give up and to search intently.