<p>My parents’ total asset value is 600k, will that affect the amount of cal grant or aid I will receive in any significant way?</p>
<p>It does matter if you have a certain amount of income. </p>
<p>This site will help. </p>
<p>[FinAid</a> | Calculators | Quick EFC Calculator Results](<a href=“http://www.finaid.org/calculators/scripts/quickefc.cgi]FinAid”>http://www.finaid.org/calculators/scripts/quickefc.cgi)</p>
<p>Assets of 600K put you well above the Cal Grant limit. You’re not eligible for either Cal Grant A or B, regardless of your parents’ income.</p>
<p>Asset limits:
Dependent students $61,700
Independent students $29,300</p>
<p>If they are low income and much of that is equity in a primary home, you need to look at FAFSA only schools. At Profile schools you would have a high EFC.</p>
<p>I’m not completely sure about this, but my dad owns a corporation or commercial building in another state, and I guess the total value of that building is around 600k? </p>
<p>However, my dad owns another house in a different city, and we’re losing money on that house…</p>
<p>The building that is causing the loss is still an asset that must be claimed. The loss will be reflected on the 1040.</p>
<p>Having assets is a good thing in reality even if you don’t qualify for aid. It allows your parents to support you.</p>
<p>Don’t confuse income with assets. And don’t confuse the value of a property with the reportable equity in that property.</p>
<p>If your dad owns a property with a current market value of $600K, it’s likely mortgaged. The reportable value of the asset is the market value less the mortgage amount. Depending on the circumstances, the equity in the property could be quite small.</p>
<p>Same thing with the second house. Current value less mortgage debt = equity of the asset that you report. Could be a lot, or a little (or nothing at all, in this market).</p>
<p>If either is a business asset, and your dad is a small business owner, none of the business assets are reportable on FAFSA (they are reportable on Profile).</p>
<p>That’s all asset stuff.</p>
<p>On the income side-- it really depends on the details and how your Dad has structured his investments and business. Generally, the loss on the second house can be used to offset other income.</p>
<p>There’s really no way of telling whether you’ll be eligible for aid, or for a Cal Grant, with the info you provided. The finaid calculator will give you a better idea.</p>
<p>Expected family contribution (EFC): the portion of your own and your family’s financial resources that should be available to pay for college, based on a federal formula using the information on your FAFSA.</p>
<p>You can fib on you FAFSA. It’ll get you an award notice, however just wait for your school to verify your income as well the Feds FAFSA data will be cross verified once you & your parents taxes are done. The award notice specifically says “Awarded based on the information provided on your application”. If that information turns out to be false when its verified, you dont loose YOUR AWARD you only prove your not eligible and dont deserve it. Those false data columns will be corrected eventually.
Down the road you will also get an award withdrawal notice.</p>
<p>Wow, thank you for the VERY informative replies. And yes, the buildings are mortgaged… hopefully we’ll get this all settled out cleanly and thoroughly. Stay tuned for further questions I might have! :]</p>