Home Owndership and Financial Aid

[gschl1234]

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So, would putting a downpayment on a condo count as living expenses? That is, if a financial aid worker wants to know exactly what you're going to do with your disbursement and you tell them it's for a downpayment, will they reject your loan? I mean, should i just say it's living expenses rather than being too specific?

 

[mpp]

I don't know what kind of loan you are talking about and who the financial aid worker is (is this a person at your financial aid office?) but for Stafford loans, the eligibility requirements come from the cost to attend your school (as calculated by the financial aid office which includes living expenses) and your Expected Family Contribution from the FAFSA. They will never ask what you do with the money earmarked for living expenses. Although a down payment on a condominum would not be included in 'living expenses' they will never ask what you do with your disbursement.

Private loans may be another matter.