Does it hurt my chances to get a college loan if I purchase a house or a car just before the loan is needed?
Posted by StudentLoan on July 24th, 2010 | 2 comments
My son is sixteen years ancient, my daughter thirteen years ancient. I’m vital in an apartment, my automobile has 120,000 miles upon it. The commercial operation we own is growing. Should we buy a house,take a mortgage, concede a interest, as well as place $25000 down? Should we buy a latest automobile to reinstate a aged a single which is dying? Will shopping vital resources enlarge or diminution my capability to get loans to compensate for their college education?
Comments
Generally anyone can get a loan. It’s the scholarships and grants that care about your income and assets, but mostly your income. If owning a house or car ends up being a problem, you can always have your kids apply for the actual loan and just pay it for them, though you may not be able to deduct it from your taxes then.
Buy the house if you can afford it. There is always a way to pay for college. You will qualify for federal loans for your child’s tuition. Your child may also have to take out loans to pay for college. Do not let your child settle on a community college just because you don’t reckon you can afford college. Like I said, there is always a way to fund education. It sucks graduating with some debt, but it beats the hell out of not having a college degree.