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Federal Housing Value Calculator uses 2006 index

fogfogfogfog Posts: 4,049Registered User Senior Member
The link that I used to the Federal Housing Value calculator is using a 2006 index and says add 10%...
which is insane--because even at the 2006 value--there is no way I could get kind of $ for my house..let alone more!

Does the FAFSA use that calculation?
Post edited by fogfog on

Replies to: Federal Housing Value Calculator uses 2006 index

  • vballmomvballmom Posts: 3,128Super Moderator Senior Member
    FAFSA doesn't ask you to estimate home value or report home equity.
  • fogfogfogfog Posts: 4,049Registered User Senior Member
    The value of a family's primary residence has not been considered by the federal need analysis methodology since the 1993-94 academic year. Nevertheless, many private colleges and universities do take home equity (the market value of the home minus the unpaid mortgage) into account. Moreover, if the family owns a second home, the net value of that home is considered by both the federal and institutional formulas.

    Note that the need analysis formulas use the market value, not the insurance or tax value, when determining your home equity.


    [url]http://wwwDOTfinaidDOTorg/calculators/federalhousingDOTphtml[/url]
  • FauxNomFauxNom Posts: 1,220Registered User Member
    For CSS Profile, that federal calculator might be used to check on what you report, according to "Paying for College Without Going Broke." It was very conservative vis a vis market value when I used it in 2007, but not now! Still, the book says to be sure you take into account the prospect of selling your house at fire sale prices - as if you needed the money right away. That means you use a house price that would get the house sold immediately, plus around 10% costs of sale. That's what I'm going to do anyway.
  • perilousperilous Posts: 130Registered User Junior Member
    I posted a separate thread recently about the same thing...still trying to figure out IF the schools or the CSSPROFILE process uses a housing multiplier to check the housing market value you report or not? The PROFILE specifically asks for original cost and when you bought home -- I have to believe they use that info for something, right? Anyone know?

    Thanks
  • FauxNomFauxNom Posts: 1,220Registered User Member
    According to the book I mentioned just above, yes. (When I said "might" I meant that an individual might have the calculator applied by CSS - for instance if the value posted seems unusually low, they might double check by using the multiplier based on purchase price/date).
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