A few days ago
Will motorcycle loan affect financial aid?
I am currently receiving full financial aid for my college. I am looking into getting a motorcycle, in order to do so, I have to get a motorcycle loan. I am wondering if the loan will affect my financial aid?
I am sure many people here have motorcycle loan during college year. I just want life experience of whether it affect or not? Doesnt have to be motorcycle, a vehicle loan is fine too.
Thanks
Top 2 Answers
A few days ago
Favorite Answer
Unless you are currently receiving private loans (which require a credit check-they check your debt to income ratio) then a motorcycle loan would not effect your fin aid. Debt is not considered for eligibility… unless you are defaulted on a federal student loan.
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5 years ago
I’m not entirely sure, but I was told that you have to wait to receive a financial aid award letter before you can apply for student loans (this was coming from someone at the financial aid office at my college) So I don’t see how it could effect how much you get. Not sure if it’s the same at every school, but that’s how things work at my college. Good Luck.
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