Financial Aid & Additional Asset - Please help!

apx43
Mon, 28 Apr 2008 19:23:44 +0000

Innovational –

There is another solution to your family’s rental unit affecting the EFC.

If your family can find a way to borrow 270K from the rental unit, you can then use it to payoff the primary house’s mortgage and “reduce” the assets to be reported on FAFSA by that amount.

Also given the current real-estate slump, order an accurate appraisal of the rental unit rather than relying on realtors who are perennially bullish.