Fed Financial

Will a loan affect my financial aid (FAFSA)?

My friend needs someone to pull a loan out for him. a $6000 loan. does anyone know if this will affect my fafsa money for next year or this year? I'm not just pulling a loan out for him, in return, he is co-signing for a car for me. either way, if one of us messed up, we will mess up the other person. basically, should he not pay his payment for the loan, i'll pay it, but not make a payment on the car. But CAN ANYONE ACTUALLY ANSWER THIS QUESTION?

Public Comments

1. It is ALWAYS a bad idea to take out a loan for someone else.
2. Do not "pull a loan out" for anyone... not sure what that means exactly, but if you do - just be prepared to pay that money back yourself.
3. Yes, a private student loan can affect your financial aid (future) I found interesting information about your answer, college loans, FEDERAL LOANS, scholarships, here.http://all-student-loan-consolidation.blogspot.com/2007/08/federal-loans.htmlGood luck!