Financial Aid Help! Second Home Living Situation

Your whole family has relocated across the country to live in a new state. You will graduate from high school in that new state, right? Your primary residence is in that NEW state. @mom2collegekids your story is a generation old…and even your situation might not be ignored in the college institutional need based formula now by most places.

To the OP…how much equity does your family have in that house? That is the current selling value minus the remaining mortgage?

I also feel like we are missing some of this story. What is your family income? It might not just be the house.

And FYI…there are a lot of colleges that will consider the equity in this house even as a primary residence…at least a portion of it. Schools that use the Profile very often consider primary home equity in their calculations to some degree. A few very generous schools don’t use it at all…but others do.