CSS Profile / Housing fair market value, portion owned

Paying for College FAFSA & CSS Profile
1

It’s my third time filling out the CSS Profile and I still want to tear my hair out in frustration. But here’s my question. In asking about the family’s home, they ask for the fair market value. The “info” text says:

The market value is the price the home could be sold for today. Do not use assessed, insured, or tax value. Report only the portion of the total value that is owned by the student’s parents.

When they say “only the portion that is owned by the student’s parents,” does that mean 100% if no one else co-owns the house with us, or by “owned” are they referring to the portion that we’ve paid off, so not the portion of the capital that we’re still paying a mortgage on?

2

I’d do this

If Zillow says $500k - and you’ll know by looking if that’s about right.

My hen go on your mortgage statement or online account.

If it says the amount remaining is $200k.

Then use $300k.

That’s how I’d read that.

3

I think he means…if your house value is $500,000…that’s the value.

If you owe $200,000, then the portion you actually have as equity is $300,000.

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4

The question being asked is the home’s value, not the equity, which is covered separately.

If the value of the home is 500k, then you enter 500k if your parents are the sole owner, regardless of mortgage balance.

If your grandmother owns 50%, then you enter 250K

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5

This is correct.

6

Thank you!