While any form of debt can be burdensome, student loans can feel particularly burdensome. Graduates often find that these loan payments eat up a considerable share of their earnings, forcing them to limit their spending and delay major purchases.

It's no surprise, then, that many studies have shown that younger potential buyers frequently postpone any consideration of a home purchase until they have reduced or eliminated their student loan debt. However, your circumstances may allow you to manage these payments and a mortgage simultaneously.

Check your credit score to see if it needs improvement. Karen Axelton, writing for the credit bureau Experian, says regularly making student loan payments shows that you can reliably manage a debt and will help improve your credit score. This, in turn, can help reassure lenders that you'll be responsible when taking on mortgage debt. By contrast, missing a payment or making a late payment will negatively impact your credit score.

Borrowers with student loans often have a shorter credit history, so you may need to take steps to build one. One common action is to open a credit card with a low limit, and only use it for certain purposes so your credit utilization rate isn't too high. Aly J. Yale, writing for the financial site Bankrate, says you should also leave accounts that have been paid off open to help lengthen your credit history. However, when you purchase a home you should avoid opening new lines of credit, as these necessitate an inquiry into your credit and will reduce your score.

Checking your credit report will also let you know if there are any inaccuracies which are putting a dent in your credit score. Deborah Fowles, writing for the financial site The Balance, recommends pulling up this report at least six months before you start considering a home purchase so you'll have time to fix any errors.

The debt-to-income ratio is another important consideration when deciding whether to buy a home when you have student debt. Lexi Klinkenberg, writing for the real estate site Redfin, says lenders use this ratio to assess how much of your monthly income goes toward debt payments and how feasible it is that you can shoulder another loan.

Mortgage lenders typically require that your debt-to-income ratio not be above 43 percent. Yale says many mortgage loans require that the ratio be no higher than 28 percent at the front end and only rise to 36 percent once mortgage payments are factored in.

To improve your debt-to-income ratio, you can focus on paying down any credit card debts or other smaller balances you are carrying. You might seek to reduce your student loan payments by refinancing or consolidating them, or enrolling in an income-based repayment plan to make them more manageable. Borrowers might also try to increase their income by asking for a raise, taking on a second job, or doing freelance work.

If your debt-to-income ratio and credit score are healthy enough to buying a home, getting pre-approved for a mortgage will give you a realistic sense of what you can afford to put toward housing each month. This process assesses your income, debts, savings, and other resources to determine how much money a lender is willing to extend to you for a home purchase.

Research programs that are designed to help buyers purchase a home without breaking the bank. Axelton says these programs are often designed to assist people buying their first residence or looking to make a modest down payment. Yale says down payment assistance programs include grants and forgivable second mortgages.

See if anyone else is willing to go in on a home purchase with you. If you can find a co-borrower, you'll be able to pool your resources and apply for a mortgage together, increasing the possibility that you'll qualify for a loan.

Make sure you have realistic expectations about how much it will cost to buy a home. Homeownership expenses can be more variable than rent payments due to factors such as utilities, property taxes, and home repairs and maintenance. Fowles says you should prepare a budget that takes these costs into accounts and determine whether you can manage them as well as your student loan payments.

While the ability to handle the monthly costs of homeownership is important, you'll also need to have some money available for the down payment, closing costs, and other up-front expenses of a home purchase. In addition to regularly saving toward this goal, you might put occasional cash windfalls—such as bonuses, tax returns, or overtime pay—aside for the purpose. You can also work to reduce your spending on dining out, entertainment, or other expenses so you can save up more money.

Those who have student loan debt and are interested in homeownership often contemplate whether it's better to pay off the debt before saving up for a home. This strategy allows them to relieve a debt burden more quickly before they start house hunting.

Your own circumstances will dictate whether this is a preferable strategy to buying a home while still making student loan payments. Maurie Backman, writing for the financial site The Motley Fool, says focusing on eliminating student debt allows you to save more money that would have gone to interest, avoid a monthly payment that would make it more difficult to afford a mortgage, and qualify for a mortgage more easily. Jim Probasco, writing for the financial site Investopedia, says paying off student loans can be a preferable strategy if they have a variable interest rate, since this will likely result in higher interest costs over time.

However, giving priority to student loan payments will also delay the process of saving up for a down payment, and home prices are likely to rise in the interim. Since student loans typically have a low interest rate and a modest effect on your credit rating, it may be more worthwhile to deal with the monthly costs for awhile instead of working to eliminate this debt. Having more money available for a down payment will also help reduce the cost of your mortgage payments.