<p>I attend a very expensive top 20 private university. Im middle class with an a average family income at about 65 thousand. I work and have an income at about 8 grand a year. I wanted to place a family timeshare in my name to help build my credit. It cost about 15,000 dollars. I was wondering would this negatively affect my Aid. My EFC last year was about 10,000.</p>
<p>Thanks in advance for any possible advice</p>
<p>I believe the equity in your time share will be viewed as an asset on the FAFSA. Also, it might put a red flag for verification as someone is surely going to question how a VERY needy finaid student could possibly acquire a timeshare in their own name. My advice…don’t do it.</p>
<p>I agree with thumper1, don’t do it. If you need to build you credit get a credit card but if you do this I predict your EFC will go up by as much as $15,000. Assets in your name are really tapped into for financial aid.</p>
<p>Are you planning on taking a loan for the timeshare? That’s the only way I can see that it would do anything to your credit rating.</p>
<p>If you pay cash, you will probably lower your EFC because you would be spending down $15K in assets for something that’s worth about $2K or less on the open market. Plus you wil have to spend another $500/year or so in maintenance fees.</p>
<p>Time shares as a rule are horrible investments, and rarely if ever get resold for anything close to what the original owner paid.</p>