College Confidential - View Single Post - Home equity line of Credit

yetidog1 · 12-06-2007, 09:17 AM

I have a home equity line of credit that I plan to use, but have not yet, for some expected expenses. For Financial Aid purposes (FASBA/CSS Profile) is the value of the credit line included in the value of my house or added to my mortgage amount?

For Example:
Would it be the value of the home $100k minus $70k mortgage and $10K line of credit= $20k net asset value.
OR
Home value $100K minus $70k mortgage =$30K net asset value
Hence a change of $10K in my asset value.

I could not find where home equity lines of credit are addressed in the FASBA or CSS profile information.

All thoughts and comments will be appreciated.

12-06-2007, 09:17 AM	#1
yetidog1 New Member Join Date: Dec 2007 Posts: 1	Home equity line of Credit - An Asset or Liability? I have a home equity line of credit that I plan to use, but have not yet, for some expected expenses. For Financial Aid purposes (FASBA/CSS Profile) is the value of the credit line included in the value of my house or added to my mortgage amount? For Example: Would it be the value of the home $100k minus $70k mortgage and $10K line of credit= $20k net asset value. OR Home value $100K minus $70k mortgage =$30K net asset value Hence a change of $10K in my asset value. I could not find where home equity lines of credit are addressed in the FASBA or CSS profile information. All thoughts and comments will be appreciated.
	Reply