mortgage and student loans

brains

Full Member
10+ Year Member
5+ Year Member
Jul 8, 2004
657
0
where the wild things are
  1. Pre-Health (Field Undecided)
    I was just wondering if having a mortgage will affect my loan for medical school in ant way (good/bad). I already have a mortgage, but I won't apply to medical school for another year or two.

    Does having a mortgage with my fiance affect anything as well?
     

    mshheaddoc

    Howdy
    Moderator Emeritus
    15+ Year Member
    Apr 24, 2002
    43,153
    84
    Wild west of Mistytown
      To my knowledge it only affects with your assets. I haven't done a fasfa in a year or so but go through and ask if they ask about your house (I believe they do). I don't think it would affect you that much as they would assume your significant other would taken on most of the burden (while you are alloted a bit for housing it might not cover all of the mortgage).

      Go through the form and check it out, can't hurt anything.
      :)
       
      About the Ads

      kdawg

      Full Member
      10+ Year Member
      7+ Year Member
      Sep 9, 2006
      163
      0
      1. Dentist
        I have a similar question to the original post:

        I haven't yet, but I plan on purchasing a home before I start school, probably around Mar, Apr, Mayish. But, I need to start with the whole financial aid application stuff. Because it would help my FA award to have my new home included, do I have time to wait until I close on a home? Is it possible to go ahead and apply for financial aid and just make some assumptions about what my living standards will be?

        Which brings up another question I have. I don't want my new FA award to show up on my credit when I'm applying for a home loan. When you apply for FA do they wait until the aid is dispersed until it shows up on your credit?

        Oh, and one more question (I'll be pleasantly surprised if someone takes the time to answer all of my questions! Thanks in advance). Since I'm looking at needing some private loans as well, do these get approved and dispersed along the same time table as gov. loans, or immediately? I am really going to need some extra cash to move, etc. My school informed me that they won't disperse the first quarter of FA until after orientation!:eek:

        HELP!
         

        Doctor Bagel

        so cheap and juicy
        Moderator Emeritus
        15+ Year Member
        Sep 26, 2002
        10,910
        1,150
        from the ministry of information
        1. Attending Physician
          Your student loans don't show up on your credit report until after they're dispersed.

          As for when to file, you need to check with your school. Earlier is generally better, and you might miss some school deadlines if you wait too long. I don't think buying the house will change things much unless you have a lot of money sitting in your bank account that you're planning to put toward the house. Even then, the FAFSA doesn't include your assets if your income is low enough. For that I'd recommend checking out the financial aid links thread above -- there is a link there to the formula for calculating your EFC.

          Private loans generally are dispersed the same time as your other school loans since they're sent to the school first.
           

          lemoncurry

          tequila mockingbird
          Moderator Emeritus
          Verified Expert
          15+ Year Member
          Aug 20, 2006
          3,923
          1
          1,245
          44
          Vermont
          1. Dentist
            Does anyone know if a gradPLUS co-signer will be negatively affected if they want to get a mortgage later? Let's assume a case where, over the 4 years of dental school, this person co-signs for over 120K in student loans, but then try to take out a mortgage. Will this hurt their chances of getting a good rate, etc?
             

            mshheaddoc

            Howdy
            Moderator Emeritus
            15+ Year Member
            Apr 24, 2002
            43,153
            84
            Wild west of Mistytown
              Does anyone know if a gradPLUS co-signer will be negatively affected if they want to get a mortgage later? Let's assume a case where, over the 4 years of dental school, this person co-signs for over 120K in student loans, but then try to take out a mortgage. Will this hurt their chances of getting a good rate, etc?
              Yes it will. Co-signers will be responsible for the debt so it will affect them. It will be lender dependent though. Some lenders might be a bit more lenient than others depending on the "underwriting" guidelines since it is not their debt. Lenders might accept a letter from the student or proof that the loans are not theirs, but its the same as any co-signed loan, the responsibility still lies with you if the borrower backs out.
               

              sumowrestler

              Full Member
              10+ Year Member
              Aug 29, 2008
              13
              0
              1. Pre-Dental
                My question is pretty similar to this thread.

                I have a big mortgage (live in a big city, houses are $$$$$). I have not been accepted yet, so I could be attending school here or have to move elsewhere.

                Does having a big mortgage limit the amount you can borrow for school?

                What if you have to move for school and rent the house out while out-of-state, how does that change things?

                If I move and keep the house as a rental, I would still need to come up with approx. $600/mo. in excess of the rent to make the mortgage. In this case, should I just sell the place?

                I've heard/read there are maximum you can borrow for school. How is that maximum determined?

                Thanks for your help!
                 

                nogolfinsnow

                Full Member
                10+ Year Member
                7+ Year Member
                Nov 25, 2007
                711
                29
                1. Attending Physician
                  My question is pretty similar to this thread.

                  I have a big mortgage (live in a big city, houses are $$$$$). I have not been accepted yet, so I could be attending school here or have to move elsewhere.

                  Does having a big mortgage limit the amount you can borrow for school?

                  What if you have to move for school and rent the house out while out-of-state, how does that change things?

                  If I move and keep the house as a rental, I would still need to come up with approx. $600/mo. in excess of the rent to make the mortgage. In this case, should I just sell the place?

                  I've heard/read there are maximum you can borrow for school. How is that maximum determined?

                  Thanks for your help!

                  Each school determines the maximum amount of Stafford + GradPLUS loans you can take out. It is enough to cover the school's determined cost of attendance, including tuition, fees, and what the school decides your living expenses should be. Anything above this you'll have to give the school a good reason to increase the COA for you or you have to go private.
                   

                  TMP-SMX

                  Senior Member
                  Moderator Emeritus
                  15+ Year Member
                  Jun 12, 2006
                  3,839
                  183
                  1. Attending Physician
                    Each school determines the maximum amount of Stafford + GradPLUS loans you can take out. It is enough to cover the school's determined cost of attendance, including tuition, fees, and what the school decides your living expenses should be. Anything above this you'll have to give the school a good reason to increase the COA for you or you have to go private.

                    If you are lucky. Above the CoA private loans are a rare occurrence these days. Most private loans must also be within the CoA now.
                     

                    dragonfly99

                    Full Member
                    10+ Year Member
                    May 15, 2008
                    5,090
                    49
                    1. Attending Physician
                      sumo
                      If you end up moving out of town for medical school, I would just sell the house. It's not worth it to eat $600/month on the off chance the house will appreciate enough to make up for that in the 4 years you are in med school. Also, you won't want to be dealing with this kind of crapola (being an absentee landlord) while you are a med student. Trust me.
                       

                      Lindindite

                      Full Member
                      10+ Year Member
                      5+ Year Member
                      Apr 8, 2007
                      77
                      0
                      1. Medical Student
                        My question is pretty similar to this thread.

                        I have a big mortgage (live in a big city, houses are $$$$$). I have not been accepted yet, so I could be attending school here or have to move elsewhere.

                        Does having a big mortgage limit the amount you can borrow for school?

                        What if you have to move for school and rent the house out while out-of-state, how does that change things?

                        If I move and keep the house as a rental, I would still need to come up with approx. $600/mo. in excess of the rent to make the mortgage. In this case, should I just sell the place?

                        I've heard/read there are maximum you can borrow for school. How is that maximum determined?

                        Thanks for your help!


                        I just talked to FAFSA. They said you do not report the house you live in, so your mortgage should not be a factor in qualifying for aid/loans. But if you end up moving for school and start renting out your house, you must then report it as an asset and it WOULD affect your aid/loans.
                         
                        About the Ads
                        This thread is more than 12 years old.

                        Your message may be considered spam for the following reasons:

                        1. Your new thread title is very short, and likely is unhelpful.
                        2. Your reply is very short and likely does not add anything to the thread.
                        3. Your reply is very long and likely does not add anything to the thread.
                        4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
                        5. Your message is mostly quotes or spoilers.
                        6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
                        7. This thread is locked.