Jointly owned accounts/property?

[sperry]

Does anyone have any idea how jointly owned property and back accounts are handled? I own a house and car with my partner and we have joint bank accounts. I'm assuming that even though there are two of us on the paperwork, I would still file for the full amount of debt and the full amount owned.

Also - is property a good or a bad thing when applying for med sch loans? On the one hand, I could sell it for tuition But on the other hand I owe a heck of a lot of money now and have very little liquid assets. Anyone have some info on this? Thanks!

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[jennij]

I don't really know how the joint thing works..... As far as the house, it is really a non-issue. I own, and they didn't even ask me about it when I was applying for my loans and still gave me the full amount available. My opinion: I would just hang on to the house and take out student loans (esp. if you are going to live in it while you are in school, it beats renting). It is cheaper to borrow from student loans anyways.... The only thing that I could imagine causing a problem is if your payment is too much for the living expenses, but you may be able to get more loan money if you show a need.

 

[mpp]

The amount of equity in your primary residence is not taken into consideration for federal stafford loan awards.