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College and University Discussion
Reply to "FA Question: Inherited house, now worth $1M, now what? "
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[quote=Anonymous]Similar situation here with similar HHI and paid off house around $1mm. FAFSA schools and Harvard (and I think Yale and Princeton) don't count home equity in calculation. All others that use CSS Profile did. We qualified for no financial aid and kid didn't get in to HYP. Every NESCAC we spoke to use Profile. Most FAFSA only schools are lower end of selectivity scale and we couldn't find a match there. Ended up we are full pay. You can borrow against house or student loans, but the calculated EFC was roughly the cost of the schools in our case and was due to the available equity in the house. [/quote]
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