Does it hurt my chances to get a college loan if I purchase a house or a car just before the loan is needed?
Tuesday, June 23rd, 2009 at
8:15 am
hottotrot1_usa asked:
My son is 16 years old, my daughter 13 years old. I’m living in an apartment, my car has 120,000 miles on it. The business I own is growing. Should I buy a house,take a mortgage, deduct the interest, and put $25000 down? Should I buy a new car to replace the old one that is dying? Will buying major assets increase or decrease my ability to get loans to pay for their college education?
My son is 16 years old, my daughter 13 years old. I’m living in an apartment, my car has 120,000 miles on it. The business I own is growing. Should I buy a house,take a mortgage, deduct the interest, and put $25000 down? Should I buy a new car to replace the old one that is dying? Will buying major assets increase or decrease my ability to get loans to pay for their college education?
Tagged with: Apartment • House Mortgage • Purchase Car
Filed under: Student Loans
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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 think you can afford college. Like I said, there is always a way to fund education. It ***** graduating with some debt, but it beats the hell out of not having a college degree.