FAFSA, CCS, you loans and your savings

cptofthehouse
Sun, 15 Sep 2019 21:36:15 +0000

thumper1:

Other than your mortgages and other secured loans against an asset that needs to be reported , any loans are not generally taken into account

@cptofthehouse please tell me where on the Profile you report your mortgage payment or any other secured loan. There is no such place.

The Profile asks for your equity in your primary residence but nothing about your mortgage payment. Re: cars, they ask for the value of your cars, not your car payment.

You know…you can have a million dollars in home equity with a teeny mortgage payment…or none at all…or a huge one.

thumper1:

Other than your mortgages and other secured loans against an asset that needs to be reported , any loans are not generally taken into account

@cptofthehouse please tell me where on the Profile you report your mortgage payment or any other secured loan. There is no such place.

The Profile asks for your equity in your primary residence but nothing about your mortgage payment. Re: cars, they ask for the value of your cars, not your car payment.

You know…you can have a million dollars in home equity with a teeny mortgage payment…or none at all…or a huge one.

[quote=“thumper1, post:8, topic:2066459”]

Other than your mortgages and other secured loans against an asset that needs to be reported , any loans are not generally taken into account

Clearly, I was not clear. I wanted to say that the value of one’s home is reduced by the mortgage you have on it. You can have a house with a market value of a million dollars but if your mortgage on it is a million or more, it does not count towards your assets for financial aid.

The same with any other assets with a secured loan against it. Like margin accounts and brokerage statements. A business with loans against. An expensive care that has a loan securing it to the lender.

So, no , not the mortgage PAYMENT, But the outstanding amount of ones mortgage reduces the value of ones home.

So mortgages and other secured loans against reported assets reduce the value of said assets.

To be perfectly clear, the loan, the mortgage has to be legally specific to the item. You can’t take out a general loan and apply it against outstanding debt. The loan has to be specifically secured by that asset.