Homeownership and financial aid
Our daughter is HS class of 2018 and we are prepared to do what it takes to pay for her to go to a small private college. We do not have a college savings plan for her. She is our only so we are fully new to this process. We have two homes, each valued at $500K: our primary is half-owned by us and half via bank mortgage, and our other is a vacation home and B&B that is fully paid for by us and owned by an LLC with my husband and I as the LLC managers. We don't know how home ownership will affect our FAFSA. Must the LLC-owned home be included in our assets? How is equity in the primary home viewed? Are there shifts in borrowing and/or ownership that could benefit us in getting funding for private school? Thank you for any advice you can provide.