Reply to FA Question: Inherited house, now worth $1M, now what?

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[quote=Anonymous][quote=Anonymous][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]

OP here. This is just what I didn't want to hear! Our situation sounds identical! DD isn't interested in HYP (too big), but could get into NESCACs, none of which offer merit aid. We cannot full pay, though! Do you have only one kid? If we had one kid, then maybe we could wrangle something, but our expenses are too high to allow us to pay a loan on the house. Is your child in a public school? There are some in our state that are lower cost, so we may be able to manage that with loans, etc. DD will be so disappointed to find this out! She's working so hard and wants desperately to go to a NESCAC school! [/quote]

When you have four kids on a modest income, they don't get to enjoy the finer luxuries of life.[/quote]

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