Student Loan Questions

[SimpleS]

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I have a house that I'm renting out in my hometown while I go off to Optometry school. The financial aid figure is only enough for optometry school (tuition, living expenses). I still need some income to cover the difference on my mortgage and what I'm renting the place for. Any ideas on bank loans? I'm kinda looking for a student line of credit. This way I only use what I need. Or are there loans I should avoid altogether? But again, I'm not too familiar with these things, so I begin my research here at SDN. Any advice will help! Thanks everyone!

 

[BKK]

This may not be the answer that you want to hear, but it sounds like selling the property would be the best move. If you are a negative rent to mortgage position and will be a full-time student, then you are setting your self up for serious financial stress while in school. Student loans are calculated to cover cost of educational needs while in school, not to help cover the mortgage in a landlord situation.

What about selling the house and using whatever equity that you may have to help support your self in school. That could be to cover rent, buy a place in the area of your school, perhaps cover tuition so you would not end up with a six figure student loan debt.

Good luck

BK

 

[SimpleS]

That was the plan, but there's no equity in the house. That's kinda why we're forced to take on renters while in school. We tried selling the house and it was on the market for 8 months with no offers. It's getting too close to the beginning of the semester so we had to rent it out.

Sounds Grim 🙁