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FAFSA

BholderBholder 5 replies1 threads New Member
OK, this has been discussed before: My wife and I are planning on moving and selling our house. We plan to use the equity in our current house to purchase a new house. Can anyone tell me if/how this would affect FAFSA as income, or assets ? The money will come in from the sale, and be gone in a few weeks invested into a new home.
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Replies to: FAFSA

  • thumper1thumper1 77049 replies3424 threads Senior Member
    Is this new house your primary residence? If so...Just make sure you don’t have that equity from house one in your bank account the day you file your FAFSA. If you do...it will be counted as an asset.

    So...buy your new house with that equity before you file the FAFSA. That way the equity money won’t be in your hands anymore.

    Your primary residence is never mentioned on the FAFSA at all. Not the value, not the equity.

    Now...if this is a second home and not your primary residence, that’s a whole other story.
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  • BholderBholder 5 replies1 threads New Member
    OK, now if you don't mind can I ask of your experience or credential? Please dont take offense to my questioning, Im just wondering who Im getting advice from. I see a lot of your comments on here, and you sound much smarter than me
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  • BholderBholder 5 replies1 threads New Member
    Sorry, yes the new residence will be primary residence. We are one-house folks
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  • BholderBholder 5 replies1 threads New Member
    Seems to me they look at income more and not outgoing enough!
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  • BholderBholder 5 replies1 threads New Member
    edited March 25
    hh
    edited March 25
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  • thumper1thumper1 77049 replies3424 threads Senior Member
    I am a parent whose two kids went through college, and we completed the financial aid forms annually. In addition, I have gained a ton of knowledge over the years about this process.

    You don’t have to believe me if you don’t want to...so I’ll tag @kelsmom who was a financial aid officer at two different colleges. She can verify that what I said in post #1 is accurate.
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  • BelknapPointBelknapPoint 4837 replies19 threads Senior Member
    OK, now if you don't mind can I ask of your experience or credential? Please dont take offense to my questioning, Im just wondering who Im getting advice from. I see a lot of your comments on here, and you sound much smarter than me

    Seriously? You're trying to vet anonymous internet forum posters over the internet? Thumper and kelsmom are both knowledgable and respected contributors here, but if you need assurance that the information you are getting is accurate, you need to consult with someone whom you can properly vet.
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  • kelsmomkelsmom 15873 replies99 threads Senior Member
    @thumper1 knows more than some financial aid advisors. I am a former (as of a few months ago) financial aid director. @BelknapPoint is very knowledgeable, as are a number of people who post here. If someone gives bad advice, they get called out quickly by the folks who know stuff. While it’s good to get information here, you should follow up with your school to get a definitive answer.
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  • kelsmomkelsmom 15873 replies99 threads Senior Member
    edited March 25
    P.S. @thumper1 ‘s response is spot-on.
    edited March 25
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