March 18, 2022 | by Anna Orendain
Categories: First Time Buyer, Home Buyer Education, Homeownership
If you’re one of the many Americans who graduated college with student loan debt, you probably already know that federal student loans are currently under administrative forbearance due to the COVID-19 pandemic.
And while this pause in payments has been helpful to those who have been using the extra funds for things like paying down other debt or saving up for a down payment, the U.S. Department of Education has announced that the forbearance will only last through May 1, 2022 as of now.
While this cutoff date has been pushed back in the past, we know how important it is to have a financial game plan for when payments do restart -- especially for those hoping to buy a home with student loan debt. With this in mind, here are some tips on how to prepare for your student loan repayments while also improving your financial wellness.
If you’d like to start preparing to buy a home, we recommend visiting our “10 Steps to Homeownership” guide, which gives you a bird’s-eye view of the homebuying process.
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