<p>My friends and I were thinking about living together the next few years. We wanted to get an apartment together, but then realized that we may be able to establish residency and purchase a house. All of us are out-of-state students, meaning by purchasing this house, we would be able to get in-state rates after a year, correct? Has anyone done this? Is it possible? It would be the same as a apartment in terms of affordability, as you pay the mortgage each month instead of the rent.</p>
<p>Do your parents claim you as a dependent on their taxes?</p>
<p>There's much more to establishing residency than living in Indiana for 12 consecutive months: <a href="http://www.indiana.edu/%7Eregistra/resiinfo.shtml%5B/url%5D">http://www.indiana.edu/~registra/resiinfo.shtml</a></p>
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<blockquote> <p>All of us are out-of-state students, meaning by purchasing this house, we would be able to get in-state rates after a year, correct?>></p> </blockquote>
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<p>No this is not correct. For college financial aid purposes, it is very difficult to become an independent student when you are under 25 years of age. Simply buying a house/condo and working will not release you from the need to provide your parents' financial information, and it will also not guarantee you instate tuition. For college purposes, in most cases, your place of residency is considered to be where your PARENTS live regardless of whether they declare you on their taxes or not. You will need to check the specific states because this does vary somewhat with some. BUT the bottom line is that there would be a LOT of people getting instate tuition if all it took was buying/renting a home in another state. That is not the way the college payment situation is set up.</p>
<p>Also, your signature indicates "Indiana University". If you are already a student there or will be one WHILE your buy/rent your house/condo, this will likely NOT net you instate residency. In most cases (if not all), you cannot establish residency WHILE you are a student at a university. Also WHO will be paying all the bills for this condo/house? I seriously doubt that most college students have the down payment and monthly mortgage/tax payment money available to them from their own wages. If you accept money from your parents to pay these bills then remember that THEY are the owners of this condo/house, not you. And lastly...many upperclass students live off campus. Some actually buy houses or condos...and most do not gain instate residency by doing so. If that's all it took, most folks would simply live off campus and declare residency. That's just not the way it works.</p>