<p>Here is my curiosity. I am 24 and have the help help of fafsa to go to school, not to mention a loan to cover the rest of my University expenses and personal expenses. I am no longer a dependant, and will not make more then $7,000 this year (if that). I am considering on buying a house that cost roughly about $40,000. I have done the caculations on renting for the whole time I will be here compared to buying, and I find myself throwing away money by renting instead of buying. What I wanted to know is if buying a house for $40,000 effect my fafsa loan any? If anyone has an idea about this I would really appreciate hearing it. Thanks a lot. :)</p>
<p>Have you considered asking the financial aid officer at the school you're attending their thoughts? Might be worthwhile, so you can think of aspects you may not have thought of. Owning a house is more than just purchasing it--you have to maintain it, buy insurance, pay property taxes & utility & all the other things that come with home ownership. Figure out ALL the costs that come with home ownership + costs of the purchase & financing the purchase of the home & see how viable this is. Most people earning only $7000/year CANNOT afford to own a home, but then again most homes cost a lot more than $40,000.</p>
<p>Silver: first, a point of clarification . FAFSA doesn't "give" you money; it's a tool that various gov agencies and college offices use to determine whether you qualify for aid from them. So you don't have a "FAFSA" loan; you have some kind of gov or college based loan.</p>
<p>As far as buying the house, FAFSA doesn't ask you for home ownership information. Thus, the price of the house and its equity won't show up on the FAFSA form. Most probably, it won't affect your ability to get the loan, no matte where it originates. But to be sure, you can call your financial aid officer.</p>