Can I get federal student loans if I already have a mortgage?

[Charleston19]

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Will having a mortgage inhibit me from getting federal loans and grad plus loans? And does having significant debt from a mortgage tend to help or hurt you when it comes to getting institutional financial aid?

 

[2020NonTrad]

A mortgage doesn't have any effect on your ability to get federal student loans.

 

[OchemOficionado]

Debt will only hurt you if you’re in default over a certain amount (that also may only apply to being default on federal loans as well). You should look it up on the fed loan website to be certain.

 

[DNAJB6]

Will having a mortgage inhibit me from getting federal loans and grad plus loans? And does having significant debt from a mortgage tend to help or hurt you when it comes to getting institutional financial aid?

It may affect your eligibility for certain types of loans if you have a lot of equity in it or are renting it out while you're in school as your income will be higher. In that case you should still qualify for grad plus loans at a higher interest rate.

 

[Charleston19]

It may affect your eligibility for certain types of loans if you have a lot of equity in it or are renting it out while you're in school as your income will be higher. In that case you should still qualify for grad plus loans at a higher interest rate.

Does the interest rate on grad plus loans really vary depending on the individual? I thought they were fixed at 7.08% (subject to change in July this summer).

 

[DNAJB6]

Does the interest rate on grad plus loans really vary depending on the individual? I thought they were fixed at 7.08% (subject to change in July this summer).

I was thinking eligibility for Stafford v. Grad Plus. Rates are the same for all.