Pay off mortgage?

swimcatsmom
Sat, 24 Jan 2009 02:02:26 +0000

To the OPs question. It is difficult to say really. For FAFSA you are certainly better off with the money in your house where it is not a reportable asset rather than in a savings account where it is reportable. From what I understand CSSprofile schools have different ways of using the house equity information. Some may not use it at all. Some cap the house value at a % of income. Some do not. Without knowing exactly how a particular school treats it, it is impossible to know if paying the mortgage down would be beneficial. But it if is an option financially, I don’t see how it could hurt.