Financial Aid Question

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cfdavid

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I'll keep it short and sweet.

I have no experience with financial aid.

The bottom line is that it would be great not to have to sell my house.
The difference between my monthly mortgage ($1100/mo.) and what I can expect to pay in rent upon admittance to med school ($700-800/mo.) is only $400/month.

So, can I find a way to finance the whole thing, while keeping my home?? At most, I'll work only a few hours per week while in med school, but maybe not at all. How is this done????

Can someone stear me in the right direction? Is it possible to keep the house?

Any help is much appreciated.

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cfdavid said:
I'll keep it short and sweet.

I have no experience with financial aid.

The bottom line is that it would be great not to have to sell my house.
The difference between my monthly mortgage ($1100/mo.) and what I can expect to pay in rent upon admittance to med school ($700-800/mo.) is only $400/month.

So, can I find a way to finance the whole thing, while keeping my home?? At most, I'll work only a few hours per week while in med school, but maybe not at all. How is this done????

Can someone stear me in the right direction? Is it possible to keep the house?

Any help is much appreciated.

I've actually been wondering the same thing....

One more question to add on- will being a homeowner negatively impact eligibility for financial aid? Or just need-based aid?
 
Owning a house should not effect your ability to get financial aid through www.FAFSA.org. I owned my home when I was in medical school, and had no problem getting loans. I believe the main determination will be your income and your parents' income from the previous year.

Your medical school will work with you to make sure you get all the loans you need. Some will be subsizided. Others may not be, depending on how much you need to borrow.

Also, if you are worried about carrying too much debt, there are several loan forgiveness programs out there. The National Health Service Corp (http://nhsc.bhpr.hrsa.gov) and most states will forgive loans in exchange for working in underserved areas. NIH (http://www.lrp.nih.gov) has loan repayment programs for first-time MD grant recipients doing certain types of research.
 
I have a condo and am in med school. I solved the problem by getting roommates. Before med school, I asked if I could borrow enough to pay my mortgage. They said, "Yes". That was incorrect. Financial aid decides what your living expenses should be and gives you only that much. They assume that you're a young single living in an apartment. They estimate everything low. Now, if you don't want a roommate, you could get a home equity loan to borrow the extra $400/mo. You will still be able to borrow the money, but from a different source.
 
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