I'm curious because I'm interested in buying property but I have plans to pursue professional degree in the future. I wanted to see if having a mortgage would disqualify me from receiving a private/ alternative education student loan.
2006-12-26 08:48:26 · 6 answers · asked by krazymack 2 in Education & Reference ➔ Financial Aid
No, it does not---not in ALL cases.
There are many people with mortgages, fulltime jobs and spouses working fulltime, who apply for loans for med school and law school and who successfully receive such assistance, via a combination of grants, fellowships, scholarships and loans.
Some scholarships require financial need, others simply require academic merit. Same idea applies for loans and grants.
If you want need-based loans and grants then the amount you receive might be less if you own a home and your spouse works fulltime, etc. But it doesn't mean that you are disqualified, in most cases, from applying or getting some amount of money from them.
Even using government- financed programs, it is possible to get the money you want, even if you own a home or other significant asset.
And, if you have any equity in your home at the time you apply for the loan, you can take out a bank loan with your home as the collateral, as well.
Call or go online at the nearest university that grants MD and JD degrees or PhDs in science or education and simply ask. There are specific grants for each of these specialty areas.
Some places I know you can google online to get info:
GrantDoctor, FastWeb, AAMC, GrantsNet, etc.
2006-12-26 09:09:55 · answer #1 · answered by bookratt 3 · 1⤊ 0⤋
1
2016-10-24 16:55:32 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Things are a lot different than they used to be. You can't get a loan on a home w/o a job. Guidelines are so strict right now that there is no way someone will give a loan w/o showing the ability to repay that loan. He will have to pay cash for the 60K home if he wants it. Maybe if you have 60K in reserves and an 800 credit score someone may take a risk but I would doubt it. My suggestion would be to get a small job to show income for the purpose of the loan.
2016-05-23 08:40:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I do not think it would hurt you in the least. If anything, it's the overall health of your credit history, and if you are current with your mortgage and you make a reasonable living that fits the guidelines of a good ratio, I do not see how this could be a problem if you were to seek a educational loan.
2006-12-26 08:54:09 · answer #4 · answered by Middy S 2 · 0⤊ 0⤋
The answer is maybe because unlike the Stafford loan program other educational loan programs are not guarenteed programs and if you have too much debt you could be denied.
Good Luck!!!
2006-12-26 08:57:12 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Not sure. I'm kinda curious too.
2006-12-26 08:54:00 · answer #6 · answered by Ducky 3 · 0⤊ 0⤋