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Will buying a house right before law school affect my chances of getting another loan for school?
I’m looking to buy a house (~125K) and my parents will pay the mortgage while I’m in school, but will this affect my chances of getting another loan for law school? (i.e., will they see that I have i’m already 120k in debt and not qualify me for student loans?)
...asked February 22nd, 2012 @ 10:25 pm
in Loan - Home
42314Richie Rich
0 
0They will be more inclined to give you one since, if you default on the loan, they can put a lien against your house and take it from you.
They will get your money some how.
...answered February 22, 2012 @ 10:27 pm
42315BLCOHEN529
0 0Dear Random,
Not to worry…. Student loans are not based upon income/assets or credit history.
Home ownership will have no effect upon your Pell Grant or other student loan program.
It is possible this might affect your ability to obtain grants, gifts and scholarships not intended for repayment. Even this is doubtful. Continue looking for money from any sources.
The idea of home ownership disqualifying you from need based benefits upon close examination should have little bearing on obtaining these benefits. Need based benefits weigh your resources and your parents. In the totality of things, moving assets into your name from your parents does not increase nor decrease total available resources.
Enjoy School.
...answered February 22, 2012 @ 11:25 pm