Bought a house -- change financial package?

Paying for College
1

<p>Right now I am a rising senior and I have received my financial package online yesterday.
However, since I have filed all my documents, my parents have decided to purchase a house, and we finally closed the deal last Thursday. This all happened very quickly within span of about 2-3 months. We have been renters for the last 10 somewhat years that we have lived in America, and this is a huge step for us. Needless to mention, this is also a huge financial burden especially with the initial cost of buying/moving into this house and the mortgages that we have to pay from now on. </p>

<p>I am wondering if buying a house would reflect a positive change on my financial package. Should I appeal the financial package, report this new change in my family’s situation? Or should I just accept the package since this will actually affect me negatively?</p>

<p>Has anybody been in this situation before?
Any feedback or advice would be greatly appreciated!</p>

2

<p>Your primary residence (rent, mortgage or whatever) is not considered in the financial aid formula on the FAFSA. It IS considered by some schools on the Profile…but it would likely NOT work in your favor as they take a portion of the equity and include that as an asset. But this happened THIS year…2009. You will be reporting this asset when you file for financial aid next year. You did not own a house when your family filed your financial aid application and unless I’m wrong…that is what matters. (finaid folks…correct me if I’m wrong).</p>

3

<p>You can try appealing, but I doubt the home purchase will garner much favor. </p>

<p>My advice is to go back and ask once anytime you have a significant change in living situation. The worst thing they can say is “no”.</p>