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Why not learn more about Loans?

Thinking of Buying a House While Still Paying Student Loans?

Loans are typically a type 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.

The Obama Student Loan Forgiveness Program may be able to help eradicate your student loan debt altogether. Taking advantage of this could also free you up for purchasing a house that you have always wanted.

Just because you don’t qualify for a loan forgive doesn’t mean you have to give up your dreams of owning a home. You just really need to be wise about it. Here are a few things that you might want to take into consideration.

Renting Vs Purchasing

It often feels like you are just throwing away money on something that you can’t call your own when you are renting. 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:

> Whether or not you are planning to stay in your current location

> If you have the money in your saving account or not

> Your student loan’s interest conditions and rates

> Your debt to income ratio

In having your own house, there are a lot of advantages. You just have to make sure that you have done enough research before you sign in for more debt.

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. 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 the loan forgiveness if you have a degree or career in any of the following:

> Medical Services

> Education Career or Degree

>Law Enforcement

> Public Service Career

Do not Give Up!

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 to never give up in your dream and to search intently.

Cited reference: see it here