Using a student loan to pay a mortgage?
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AllyntheTower
Apprentice
Joined: 10 Sep 2008
Posts: 1
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 Posted: 09/10/08 - 11:21 Post subject: Using a student loan to pay a mortgage? |
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Hi there
I am thinking about going back to school to get my Masters of Social Work. To do this I would get a student loan and go back full time. The student loan would pay for most of my living expenses while I utilized school programs to earn additional part time pay. If I am accepted, I would start next fall.
I am dreadfully sick of renting. I have a job that pays well and really good credit. I have a current student loan of @ $16,000. before I thought seriously about going back to school, I met with mortgage advisors to see what kind of house i could afford. Education has since won the battle between the two because I figure that it will significantly bump my earning potential though the fiels IS social work...
The dilemma is either way, school or not I am paying to live in a place. and it just doesn't make sense to rent. My question is, is it possible to buy a house while I still have income, then decide to quit my job, go back to school full time and use student loans to pay for the mortgage? I would share the house with my girlfriend and possibly rent out a room to off set the monthly cost.
Thanks! |
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