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I don’t want to rush into purchasing something.
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It’s JULY, not December.
You won’t have to submit FAFSA until after the first of the year. You probably could delay filing until February and still have a “good place in line.”
Even the most pickiest of buyers can find a great home within a few months time.
That said, FAFSA is for federal aid and “free money” from the feds is for low income families. You may not even qualify for need-based grants if your income and other assets are too high.
It sounds like you’re new to the FA process and may not understand how it all works. Most schools do not have much aid to give, so even with a low EFC (if each child gets one), their schools may not offer much aid and leave you with huge gaps.
Run a VARIETY of schools’ Net Price Calculators excluding that $200k and see what the results are. And, also run the NPCs including the $200k. Variety = instate public, OOS public, top private, mid-level private, etc.
If it’s a school that included home equity, then include the $200k…see what the results are.
I think you need to start house-hunting. It’s just too unlikely that a school will ignore that much money. Even if they believed that you were going to buy another home soon, they have no way of knowing whether you’re going to use the entire $200k for a down payment, or if you’ll only use half and use the other half for something else.
Simultaneously, start looking for schools that will give your kids LARGE assured merit scholarships for their stats.