Instead, like buying a house with a small down payment, you pay a fraction of the contract's value yourself and borrow the rest.

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We used the equity from our old house to pay off three small auto loans and to make a 35% down payment on our new house.

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If you go to a lender that doesn't sell mortgages to Fannie Mae, the waiting period may be less, but you will undoubtedly pay above-market interest rates and be asked for a larger down payment.

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Still, while RIM may have eliminated the risk of a bigger payment down the road, its willingness to pay could open the company up to more patent-infringement suits.

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Well, a big part of it was the decision to downsize so they could pay off those three auto loans and put up a big, fat 35% down payment.

FORBES: An Extreme Early Mortgage Payoff Story

For example, the FHA loan program uses more lenient credit criteria than traditional mortgages, requires only a 3.5% down payment, and has the seller pay most of the closing costs.

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Instead of saving for retirement or a home down payment, they will struggle for years, even decades, to pay off what they borrowed for school, and that's if they can even begin to pay the money back.

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