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FAFSA / Credit Report.?
Out of curiosity, if you apply for fafsa and you get it, Say after 2 years I wanted to buy a condo only I still have 2 years LEFT to finish my BA. Will FAFSA show on my credit report if I apply for a mortgage?
Reason im asking is if it does IM better off paying cash for every semester vs owing fafsa and getting denied for a home loan.
OK for example , if I get a stafford loan, will that be on my credit report and hurt my chances of getting a mortgage?
2 Answers
- just not thatLv 71 decade agoFavorite Answer
FAFSA is the name of the application. You don't owe anything to fafsa and you don't borrow anything from fafsa. It is simply the name of the application you fill out to see what kinds of financial aid you qualify for. It is up to you to determine if you want to take out loans.
If you get grants only by filling out the fafsa, then your credit report will not be effected in any way. If you choose to take out student loans, your student loans WILL show up on your credit report. Your debt to income ratio will be taken into consideration when applying for a mortgage.
It is ALWAYS better to avoid debt esp if you can pay for your courses outright. Loans are meant for people who don't have the cash to pay for their expenses... why would you want to pay interest on a loan when you don't need to?
