Hello everyone, I hope for your help.
My son started his first year at UMichigan in August, we did Fasfa and Css Profile as planned.
now in October we will sell the house as it was a form of 10-year investment in collaboration with other relatives of mine, obviously we regularly put it in the Fafsa and Css, and therefore it has greatly affected the financial aid.
in the end this business project turned out to be a failure, I am the only loser.
my question is when I sell do I have to update the financial aid offices, as soon as I sell the house?
Then I read that the university requires the Fafsa every year after but not the CSS, now what happens if I don’t have to do the CSS Profile? thanks for the help?
@kelsmom can chime in…but your financial aid forms are DONE for this academic year, I believe . You don’t need to update. The info about your house won’t be included in the 2025-2026 financial aid forms.
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And read carefully. My kids colleges also didn’t require the Profile after the first year unless the financial situation changed. You need to check to see if this is the policy at your student’s college.
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Once you’ve completed your financial aid application for the school year, you don’t update anything. Any changes will be reflected on your FAFSA for next year.
You are correct that UM only requires Profile for the first year. If your situation changes such that you believe that you may be eligible for more aid next year, contact UM’s financial aid office to discuss your situation.
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thanks for answering me, but now I have a doubt if I remember correctly the Fasfa did not ask for the value of the house and property etc etc, if I remember correctly it was in the css profile, now if I understood correctly my son should no longer do the css profile for each year and if so how do I update it?
in fact my doubt is this? Is the loss of a house a financial loss? To allow for the correction? We now have an exaggerated bill because of the house
Was this house your property your residence? Or was it an investment property where you did not live?
If your college used the CSS Profile, then it was counted regardless.
Are you hoping for an adjustment to your student’s need based aid? Does this college guarantee to meet full need for all students?
If the house you sold was not the house you live in, it would have been reported as an asset on both FAFSA and Profile. If you received any income from rentals, that may have been reflected in your AGI (or you may have had an associated loss, depending on whether there were associated deductions). In that case, everything that has changed will be reflected on the FAFSA next year.
If it was the house you lived in & if you sold that, how your current situation might affect your future financial aid -if at all - is something only the school’s financial aid office can tell you.
In any case, this year’s aid is unaffected by the situation. If you want to make sure, just ask the school.
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