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College and University Discussion
Reply to "What money is fair game for financial aid?"
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[quote=Anonymous]So, if I were to refi my house and spend the funds on something responsible, like necessary home improvements (HVAC update, bathroom & plumbing improvements) will that shield the equity money? And who determines my equity anyhow? Does the school run a report on the likely current value of my house, which has increased a lot over the past few years? Or are they looking at the house value when I purchased it and the balance remaining on the mortgage? I bought my house about 5 years ago and my neighbor recently sold her house for $300K more than what I paid. [/quote]
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