(FinancialHealth)- The idea that student loans could be canceled is a hot topic right now. While student loan cancelation is pure conjecture at this point, there are some states that will pay off your student debt when you purchase a home. It’s called the SmartBuy program, and many states are using it to encourage home purchases.
SmartBuy offers downpayment assistance of up to $5,000, which can also be applied to closing costs. They also offer up to $40,000 in student loan assistance. Eligibility requirements are as follows:
- You must have a minimum of $1,000 in student loan debt.
- Your credit score must be 640 or higher.
- You must purchase a new primary residence. It is not an offer that is retroactive and will not apply to homes purchased for rental or other purposes.
Which states are extending the SmartBuy offer? Illinois and Maryland are current participants. While they are the only two so far, many states offer programs for student loan forgiveness. The idea that student loans could be canceled is one that many are watching with interest, particularly as it may impact 84% of borrowers, but for now, it’s just an idea. SmartBuy offers a solution that makes housing more affordable to those with student loan debt and could provide immediate relief to many.
~Here’s to your Financial Health!
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