<p>I’ve read that some selective schools cap the amount of home equity that is considered in evaluating financial need on the PROFILE form. Does anyone know if Carleton uses this practice? Thanks for a prompt answer–applying ED.</p>
<p>I don’t know, but if you call the fin aid office and learn anything, please post back and let us know</p>
<p>Called the Financial Aid office. They didn’t really have a specific answer, but indicated that the home value on the PROFILE form should be supportable (tax appraisal, market value, etc). Unclear whether they will discount to a ceiling when they do their internal calculations, but they want the real value on the form.</p>
<p>The schools you are referring to are called the “528 Group”. It is a group of schools that have voluntarily agreed to a concensus methodolgy for computation of need based aid. The schools are not bound to every provision of this methodology, but use it as a guideline. One of the provisions is to cap home equity at 2.4 times income less mortgage debt. I do not believe Carleton is a member of this group.</p>
<p>Thanks–good information!</p>