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Old 02-21-2012, 01:19 PM
insideac insideac is offline
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Default How would mortgage affect my future student loans?

Hi guys! This is my first post but Ive been lurking around for a while hehe.. I am 23 years old and plan to buy my first home later this year (a multifamily with 2 or 3 units max), but I was concerned about one thing: How would a mortgage ultimately affect my chances of getting student loans later on?

By fall 2013 I will need to take out student loans to pay for school, which will cost an average of 30k a year, but will my mortgage negatively impact the student loan officer's decision, and if so, is there any way around it? I don't want my house buying to cause me to change schools. Any help is much appreciated!

EDIT: Some info about me:

Currently I only have one credit card payment for min. $20, and no other debt. I make around $24k a year and my average credit score across all three systems is 680.
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Old 01-21-2013, 01:33 AM
Amyk Amyk is offline
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Default Re: How would mortgage affect my future student loans?

All three credit bureaus, Equifax, Experian and TransUnion collect data from your lenders about your history of borrowing and your capacity to pay back your debt. Thus, mortgage will only affect your future student loans if your credit history is bad. However, if your history shows that you are capable of paying back debts on time and shows that you are financially responsible, then your chances of being approved of your future student loans are high.
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Old 02-02-2013, 02:08 AM
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dinamonique dinamonique is offline
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Default Re: How would mortgage affect my future student loans?

Quote:
Originally Posted by insideac View Post
Hi guys! This is my first post but Ive been lurking around for a while hehe.. I am 23 years old and plan to buy my first home later this year (a multifamily with 2 or 3 units max), but I was concerned about one thing: How would a mortgage ultimately affect my chances of getting student loans later on?

By fall 2013 I will need to take out student loans to pay for school, which will cost an average of 30k a year, but will my mortgage negatively impact the student loan officer's decision, and if so, is there any way around it? I don't want my house buying to cause me to change schools. Any help is much appreciated!

EDIT: Some info about me:

Currently I only have one credit card payment for min. $20, and no other debt. I make around $24k a year and my average credit score across all three systems is 680.

Hi,

Basically, you have everything you need to qualify for a home loan, and the possibility for your student loan to be approved even if you have a mortgage is really high as long as you pay your mortgage on time. Applying for a mortgage is not going to affect your chances for approval.
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