Compass Florida, LLC
Liz Miller, Compass Florida, LLCPhone: (305) 432-1740
Email: [email protected]

Pay Off Debt to Afford a Mortgage

by Liz Miller 09/22/2019

The cost to attend university continues to rise, putting pressure on students to afford an education. While some universities assist their students, many raise their prices to contend with operating costs. As a result, students leave school with mounds of debt that impede their quality of life. Paying off student loans starts by laying the appropriate groundwork, which gives you the best chance at success. 

Where to Start

Begin by identifying the type of student loans you have. Most often, you have either private or government student loans. The difference between them dictates the various options available to eliminate your debt. Now that you've identified your student loan type start with the government student loan. 

Government Loans

Government loans offer a variety of payment options based on factors such as your income and ability to pay. To more effectively make your student loan payments, request the payment plan that fits your financial situation. When you do receive extra money—like that birthday gift from Great-Aunt Daisy—apply it to your principal balance. You'll speed up the loan elimination process. By using the right payment plan, you balance your debt elimination with financial well being.

Private Loans

The payment plans for private student loans are difficult to adjust. One method to consider is refinancing to a lower interest rate. By refinancing your loan, you may lower your monthly payments. If you continue making more substantial payments on your refinanced note, you'll eliminate the principal balance at a faster rate. 

If you find yourself looking to refinance, shop around. Several companies specialize in student loan refinancing. By lowering your interest rate, you save money and can use that extra money toward principal payments, ultimately eliminating your student loans faster.

Finally, once you set a repayment plan, increase your principal payments through a second job or side-gig. Lyft, eBay, Instacart, and other flexible part-time options make increasing your outside income possible. Eliminating student loan debt is difficult, but certainly possible. With minor tweaks and adjustments, you will find the right path for you. 

Once you clear your student debt, you will have extra income for items such as saving for a down payment on a home. Purchasing a home is arguably the most significant asset for most people. By eliminating student debt, you can focus on home buying. To see if you qualify for a mortgage despite your school debt, reach out to a mortgage broker or loan officer.

About the Author
Author

Liz Miller

“Miami, where dreams come home” Liz Miller believes that attitude is everything – and attitude makes successful real estate transactions come about as a result of clear & open communications, particularly on the needs and expectations of her client(s) and the market conditions. That’s because her first priority when meeting a new client is to find out how she can best help them. Instead of just waiting for her turn to talk, she actively listens. Next, she gives them the information they need to move through the process of buying or selling a home with the least possible stress or uncertainty. While others might push a client to quickly make a choice, so they can move on to the next client, Liz urges her clients to think it through carefully before making a decision. Liz, who is originally from Cali, Colombia, moved to New York, and resided there for 15 years, she then relocated to Miami, Florida. She graduated and received a MBA from Nova Southeastern. With 12 years of experience in the financial industry, she wanted to utilize her skills. Real Estate was the right choice. She received her Real Estate License on March 2011. She chose real estate sales because she wanted to work with individuals and families – not just their paperwork.  Her positive attitude and patience gave her the opportunity to work with Compass Realty where she works with team JK. At the heart of Liz’s Real Estate practice, you will find “The 3 D’s”. They stand for Dedicated, Determined, and Dependable. Liz’s high level of loyalty and integrity resonates with buyers and sellers as she approaches each real estate transaction with enthusiasm and intellect. Liz’s mission: “I treat each customer as I would want to be treated and I try to make my buyers and seller’s experience stress-free and memorable”.  

When not busy with real estate, She likes to spend time with family and close friends.  She is a mother of two beautiful children. Liz, a Breast Cancer Survivor since 2017, she finds time to give back to her community. She is very passionate about volunteering her time and money to support Breast Cancer charities.  

“People don’t care how much you know until they know how much you care.”                           ~Theodore Roosevelt 

Education: 

MBA from Nova Southeastern

Languages: Spanish

Speciality: Residential & Commercial

License #:#: 3242326