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01/04/2010

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McKenzie:. . That would depend what type of student loan you are talking about.
. . The most likely loan that you're going to be able to get for your husband is a Stafford loan from the Federal Student Aid system. Your eligibility for Federal Student Aid is not impacted by the value of a primary residence, so the purchase of a home will not make it any less likely that your husband will qualify for a Stafford - or - in fact - any other type of Federal Student Aid. . . (The value of your primary residence is not considered an "asset" when calculating your husband's Expected Family Contribution score.). . Now - if you are hoping to apply for what they call "private" or "alternative" education loans, I have to tell you that your problem is not going to be whether you've bought a home - your problem is going to be finding a lender who make that type of loan right now. We get a lot of students here whose parents or older brothers or sisters borrowed from the likes of Campus Door, and Astrive and My Rich Uncle, and a variety of other educational lending specialists. Now that this new generation of students is ready for college, they're looking for those loans that their elder siblings or parents used to get.. . Bad news. Those loans are gone, and so are most of those companies. Yes - another victim of the worldwide banking and lending crisis. There are literally a handful of lenders making private student loans right now, and every single one of them applies extraordinarily conservative lending analyses to every single application. Very, very few people can qualify for a private educational loan without a cosigner, unless they have a significant income stream and a well-established, and very positive credit history.. . That's why I said (earlier) that your husband's most likely loan source will be the Stafford lending program - which - thanks to the government's guarantee on that loan - never requires a cosigner. The Stafford application doesn't even ask about your or his income or credit history, and as I said - the purchase of a home will actually be a GOOD thing, in the sense that you and your husband are probably converting a countable asset like cash into a non-countable asset - your permanent residence. If nothing else, that will decrease your husband's EFC score, and make it more likely that he may qualify for other forms of Federal Student Aid, in addition to the Stafford.. . I hope that helped - good luck to you and your husband!

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