College loans vs owning 2 houses

gomi · #1 (**permalink**) 09-26-2007, 12:00 PM

I'm currently a college student in New mexico where I am trying to pick up a foreclosed property and fix it up in my spare time, I intend to live at the residence for 2 years. I also Own a home in washington.. put I currently mark it as my place of residence. I'm on FAFSA student loans, and was wondering if buying another house and changing my residence here will mess with my abiliity to recieve student loans, or can I claim that I reside at both houses, almost like a summer home.. Any input would be excellent... and appreciated

Dru · #2 (**permalink**) 09-27-2007, 12:09 AM

For most things you can only have one primary residence. The test is generally where you are registered to vote. FAFSA grants and loans are intended for students with a demonstrated need. If you were on grants, I would say you will have a problem, but with loans you may get by. Check with your school financial aid office for school requirements, as well as the loan agencies.

Fred333 · #3 (**permalink**) 10-04-2007, 03:12 PM

I would want until you are out of school before adding to you plate.

darsh999 · #4 (**permalink**) 10-04-2007, 07:10 PM

I don't think so , that it is possible to have a loan for a home and still have another home , especially on a student loan .. !!!

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