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I am currently in escrow for my first house and finishing graduate school. My college needs me to accept or decline finacial aid by May 21st for the summer period. Can I still accept this loan while in escrow even though I will be moved in to my house before the schools sees any of the money?
I don't want to ruin my chances of getting this house. Any help would be great!
The general rule is that you should NOT make any material changes to your finances from the time your offer has been accepted until you close. A student loan would be a new debt, potentially quite large.
Not sure if the loan is tied directly to your aid package, and that is something that the college SHOULD have a experience with.
The people to contact are (in order) #1 College financial aid office. #2 Mortgage lender.
I would not think too many are in a position to be buying a house and getting financial aid. What sort of graduate program is this? Are their other borrowers involved?
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