Should You Purchase a House While Still Paying Student Loans?
A lot of loans are considered to be a kind 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.
With the help of the Obama Student Loan Forgiveness Program, you may be able to get rid of your student loan debt altogether. Taking advantage of this could also free you up for purchasing a house that you have always wanted.
You don’t have to necessarily give up the hope of home ownership just because you don’t qualify for loan forgiveness. All you need is to be wise about it. Listed below are some of 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.
If you should just rent or actually buy your own house while still trying to pay off your student loans will be determined by a few factors, like:
> If you are planning to stay in your location at the moment
> If you have the money in your saving account or not
> The interest rates of your student loan
> The ratio of how much your debt is to how much you are earning
There are a lot of benefits in owning your own house. You just have to make sure that you have done enough research before you sign in for more debt.
A Loan Forgiveness
Obviously, buying a house will become a lot easier if you have already eliminated your other debts.
Numerous employment opportunities will be able to get you qualified for student loan forgiveness and will even offer a great deal of benefits. 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
> Service to the Public
Do not Lose Hope!
Do not give up on your hope of home ownership even if you are not qualified for the loan forgiveness. 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 search intently and never lose hope.