| You cannot file FAFSA as an independent unless you are 24years old (or married/have a dependent of your own/are a veteran/are studying for a masters or doctorate and a few other things). Filing as independent is not something you can 'choose' to do. You have to answer a series of questions - starting with your age - and unless you can answer yes to one of them you are a dependent for FAFSA. And not being claimed on your parents tax return does not make you independent for financial aid.
The primary home is not considered an asset by FAFSA but may be by profile. How buying a home will affect your financial aid depends on various factors. For instance if your parents had cash in the bank that they have used as a deposit on the house that Cash would have been considered an asset by FAFSA while the same money invested in a (primary) home will not be. So in that circumstance it may give you better aid.
For css/profile schools it is the equity in the home that is used. So if a home is worth $300k but has a mortgage against it of $250k then the equity is only $50k. How the schools use this equity varies by school. |