Will owning a home affect my loan?

[syracuse1917]

Hi medical students,
I was wondering if anyone who had their name on a mortgage could tell me about how it affected their ability to get a loan. I am concerned that having my name on a mortgage that I am co-signed on may affect my eligibility/increase my interest rates, does anyone have a similar situation or knowledge of how having a mortgage may affect that?
Thanks all

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[ciestar]

Very little affects federal loan eligibility. Assuming you haven’t defaulted, you’re fine. The interest rate is fixed on those loans.

 

[mehc012]

Hi medical students,
I was wondering if anyone who had their name on a mortgage could tell me about how it affected their ability to get a loan. I am concerned that having my name on a mortgage that I am co-signed on may affect my eligibility/increase my interest rates, does anyone have a similar situation or knowledge of how having a mortgage may affect that?
Thanks all

Federal student loans don't look at mortgages, and interest rates are the same for everyone.
Only if you need to go to PLUS loans do they even check a credit score, and the bar isn't super high.

 

[syracuse1917]

Very little affects federal loan eligibility. Assuming you haven’t defaulted, you’re fine. The interest rate is fixed on those loans.

Thank you! I called fafsa and got conflicting answers, first person said the amount awarded is determined on a school by school basis, second one said it didn’t matter

 

[mehc012]

Thank you! I called fafsa and got conflicting answers, first person said the amount awarded is determined on a school by school basis, second one said it didn’t matter

Your school is the one responsible for setting COA, so it does vary school by school. But you will be eligible for the same loans as your classmates.

 

[libertyyne]

no.

 

[SpinDrift]

I'm an M1 and I have multiple mortgages in my name (rental properties) and I've never had a problem getting financial aid loans.