Originally posted by hallwe
My wife and I brought a brand new home last year and now come to find out there may be a possibility that I will be attending Dental School in the Summer. So my question to anyone with experience is," Do we try to sell or rent? Is it possible to just keep the home and pay a mortagage and rent? Has this ever been done? I really need answers to this. My parents can come by and check on the house, they live in the area. I just don't want to give up my dreams to be a Dentist for a house, but at the same time I heard that it hurts your financial aid when you sell a home. Thanks!!!
Congrats on your possible acceptance. You are probably not going to get a lot of responses here, since most users are trad or younger non-trad.
Things to consider. . .
What kind of rents can you get? Look at the newspaper and contact a real estate agent. They should be able to tell you what the house will rent for in your area. Don't assume without checking that the rent will cover the mortgage.
Do you expect financial aid, other than loans? If you think that you will get institutional grants, you should consult with your financial aid official at the university you might be attending. If you are going to a school that offers no aid, and plan on getting Stafford loans, then selling a house shouldn't matter. If Bill Gates went to med school, he would qualify for $38,500 in Stafford loans.
I can't imagine that selling a house would make a difference in financial aid, anyway, unless you make a big profit off of the sale. If you are just using the money to pay back the loan, then how have you really benefited by the sale. Check into this.
Finally, if you really want to go to dental school, don't let the house stop you. There are always houses to buy. The opportunity to go to dental school will not always be there.
