Pay off mortgage?

oregonianmom
Sat, 24 Jan 2009 10:46:05 +0000

Thanks for the replies. We don’t have a very large balance left on the mortgage at this time, but the interest rate is higher than what we’re currently earning in the market, so I thought paying it off might make sense that way too.

As far as financial aid goes, I went to Collegeboard and calculated it both ways. For the FM, it makes a little difference, and for the IM it really doesn’t make any difference at all. I did email a couple of schools to ask if they use home equity in their calculation of parental contribution. We’ll see what they say - my guess is they do use it.