If my parents cosign a mortgage for my aunt will this affect my financial aid that I'm getting for my college?

Asked 5 months ago - New York, NY

I am a college sophomore and receiving financial aid: FAFSA, TAP, Pell grant. This is how I'm paying for my tuition. So far my knowledge goes I'm getting this due to my parents low financial income. Now they are going to cosign for my aunt to get a mortgage. I need to know how this will affect my school financial aid. I'm doubting that I will not receive any aid as my parents will also be legally involved with this. Will this cosign to buy a house be counted as an asset even though they are not the primary borrower.

P.S. My parents don't have any assets at this moment but their credit score is good as they pay off the bills properly.

Additional information

We don't live with our aunt in the same address. Recently when my aunt went to speak to one of broker they said to my aunt to look for two family house to show that we will be living with them. He said this will help to get the mortgage. But we don't have any plans to live with them in the same house. How will this affect legally.

Attorney answers (1)

  1. Guerline Ladouceur-Laurore

    Pro

    Contributor Level 17

    Answered . Your parents should consult an attorney directly and privately to determine how cosigning the loan might affect them legally. Not only when it comes to your financial aid but in every aspect. It is a very serious matter especialy ifthey plan to lie on the application.

    This answer is not intended to replace a consultation with an attorney and does not create an attorney-client... more

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