Hi there,
I’m a dependent student and I plan to be co signer with my sis and my dad to buy a house because the amount money the bank lends them is not enough. It will be our first home ever. Will I be eligible for receiving grants?
What do you mean by co-signer? Will you be responsible for a mortgage loan? Will you be part owner of the house? Will this house be your primary residence? Are you applying to colleges that require the submission of CSS/Profile to be considered for institutional need-based aid? If so, which colleges? More information is needed before any meaningful answers can be provided.
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Why would you do this? Do you have very significant income or assets to add to this loan application?
I would strongly suggest you research this very carefully before agreeing to do this. As a cosigner, YOU could end up responsible for payments if the others don’t pay.
This is not a rare occurrence.
In some households, it is necessary for every working individual to co-sign on the loan to achieve the income level required for the bank to finance the loan. If the bank requires $4200/month gross income and the parent earns only $2000K/month, an adult sibling earning $1500/month might also sign. If a high school offspring earns $800/month from her part time job, she might also sign on to the loan so the family can become homeowners.
I know families where the recent HS graduate offspring sign for automobile loans for parents whose credit isn’t good enough because they struggled financially while raising the kids. Trucks to help fathers start landscaping business, minivans to help mothers with their cleaning businesses. In some families, the kids are appreciative of the struggles the parent(s) endured to raise them and are excited to be able to help out with the dire family finances which will help give younger siblings a better life.
Also, it could be that her income is needed only to be approved for the loan, not necessarily to pay for the loan. It’s often a complicated financial situation and not always easily understood by those who exist in higher SES conditions.
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I agree with @BelknapPoint that not enough information is being given.
And agree it is complicated.