Student loans are a burden. In fact, the average college-educated couple is carrying nearly $100,000 in debt. If someone is a lawyer or a doctor, they might even be carrying $250,000 in student loan debt.
So how can you balance the $300 to $500 a month that you’re paying in student loans with a $1,500 a month you might need to give out for a mortgage?
- There are lots of income dependent student loan debt repayment plans. That can make it easier. In fact, some of these plans are liberal enough that you can still make enough to buy a house and get a reduced payment.
- There are some jobs and positions that will help you reduce your student loan debt. Teachers, police officers, and others will get debt forgiveness. It’s worth looking at this to see if your job has any of these benefits.
- Being in the military can give you even more benefits on both your student loan debt and your home loan. Veterans can get matching funds on student loans and that can take $25,000 or more off your debts.
- Pay down other debts as quickly as possible. Try to pay off your credit cards and car loans. This frees up your income to take care of the mortgage in spite of the student loans.
- Look at refinancing and debt consolidation options. This will make it a lot easier to make the payments. If you can consolidate your loans and cut the payment in half or less you might find that there’s plenty left for a mortgage.
- Finally, there’s the less fun option of waiting. You might simply need to wait. If you can pay off your student loans by making a couple of payments each month, you can make a dent faster and reduce your debt burden in a hurry.
For those with significant student loan debt, it can be very stressful to try to move forward in life with all of that debt. It can be done, though. It just takes patience and forethought.