Hi - I'm just starting to fill out the FAFSA forms and I have a stomach ache! I have a questions about home values. How do you figure out the value of a home. Do I take the figure from our tax appraisal? Our primary home would probably sell for $300,000+. Our tax appraisal value is $240,000. We have a mortgage of around $200,000. Would I put the value of the home at $40,000? Also, what about home equity loans? Can I include the amount of the home equity loan along with the mortgage amount?