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

Forum Index » College and University Discussion

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The same thing happens on College Confidential all the time. Some person innocently posts about his/her financial situation, asks how that will affect their ability to qualify for aid, and is called out by scores of subsequent posters for being greedy. So tiresome - if you don't have information for her about how home equity is factored into colleges' need-based aid determinations, could you just move on and skip the comments about greediness.

More than ever, college financial aid is a game. Colleges want to use their aid dollars to improve the profile of their class and generate the greatest return they can - it's way better for them to give $25K to 2 kids, both of whom will then pay $25K in tuition than it is to give a full $50k ride to one kid who won't pay anything.

It's also a game for parents. What school will look at my financial situation/child's qualifications most favorably and give me the greatest amount of $. It is not selfish or in any way inappropriate for the poster to ask. My advice to her would be to find schools that don't take home equity into account when tabulating your assets. Most do, but many do not.[/quote]

You sound like you know what you're talking about. As a follow up, how do you recommend the OP determine which schools do take home equity into account and which don't? Do colleges consider whether both parents work? Thanks.[/quote]

If you are really interested, this is a great resource about how different schools consider home equity:
http://www.thecollegesolution.com/will-your-home-equity-hurt-financial-aid-chances/

As noted above, none of the FAFSA schools take it into account. But about 260 schools, usually private and including the most selective schools, do consider it. For substantive discussions about anything related to colleges, I would refer people to College Confidential's Parents forum and Financial Aid forum.[/quote]

Thanks, PP.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics