Does Owning A House Affect Your Financial Aid Eligibility? Primary & second Homes Fafsa CSS Profile
Вставка
- Опубліковано 12 вер 2024
- If you'd like to help us continue producing videos feel free to help us out by give what ever you like through:
Venmo - @PrincipiaPrep
Or
Buy Me A Coffee - www.buymeacoff...
In this video, "Does Owning A House Affect Your Financial Aid Eligibility? Primary & second Homes Fafsa CSS Profile." We address when Primary homes & second Homes count on the Fafsa, state forms and the CSS Profile. We also discuss how each form counts your properties. Owning more than one House affects the Free Application For Federal Student Aid (FAFSA) thereby, elevating the worth of net assets of the family. ... The decrement in asset valuation is achievable. On the CSS Profile, rental properties are also included as assets. This application will ask you for “the address, number of months your parents rented the property to others (if at all), when they bought it, how much they bought it for, the current market value and the balance of any mortgage.” The Free Application for Federal Student Aid is a form completed by current and prospective college students in the United States to determine their eligibility for student financial aid. The FAFSA is different than CSS Profile, which is also required by some college
Additional Videos to view:
Student Loan Forgiveness & What's Likely To Happen - Biden Loan Forgiveness & Student Loan Debt
• Biden Student Loan For...
College Covid Vaccine Requirements The Good, The Bad & What To Expect If you get the Vaccine or not
• Getting the Covid Vacc...
Choosing Student loans based on your Credit Score - TransUnion, Equifax, and Experian
• Choosing Student loans...
Student College Loan Declined? You Have Options.
• College Loan Declined?...
Step-by-Step Guide to Master Promissory Note & Entrance Counseling forms for the Fafsa student loans
• Video
Living on Campus or Commuting to College - Comparing the Good and Bad of Both and the Cost
• Living on Campus or Co...
Establishing In-State Residency for Out of State Colleges - The Benefits and the Process
• How To Establish In-St...
College Multi-Year Student Loans Vs Single Year Student Loans - know the difference & which is best
• College Multi-Year Stu...
The 4 Reasons to Consider Community College
• 4 Reasons to Consider ...
10 Ways to Show Demonstrated Interest to improve your College Admissions
• How to show Demonstrat...
Reasons to hire a College Advisor
• Reasons to hire a Coll...
Reasons Why You Shouldn't Hire a College Advisor
• Reasons Why You Should...
If you need help with the college process please fee free to contact us at info@principiaprep.com or call at 908-400-1363.
#College #highschool #Fafsa
I love the fact that you cover every scenario in the financial add process and make it less complicated and confusing.
Thanks so much, very helpful
Wonderful info for everyone going to college. Thank you. Senior at Roxbury high school.
Thank you for watching and helping the scholarship fund. Your school has been counted.
Thank you for the informational video, I was wondering what the scenario would be if a student who will be an incoming freshman purchases a house under their name but is dependent on their family. They would only have to file FAFSA in their state and seems to have a low EFC.
Thank you as usual, Class of 2022, Middlesex High School Senior. Middlesex, NJ
Thank you for watching your high school has been counted
thank you for the video. Liberty High School C/O 2022
Thank you for watching and helping the scholarship fund. Your high school has been counted.
Thank you, Pequannock Township High School senior 2022
Thank you for watching and helping the Scholarship Fund. Your High School has been counted.
Ridgefield Park high school. Ridgefield Park New Jersey class of 2022. Thank you for your video-Does Owning A House Affect Your Financial Aid Eligibility? Primary & second Homes Fafsa CSS Profile.
Thank you for watching your high school has been counted
This is a great resource! Thank you. I have a question on investment property. I understand calculating net worth of the property by taking value - mortgage debt = net value. What tool or index do we use to determine the "value" of the home. Do we go by the State Tax Assessor's value, Zillow, Redfin, or other?
Good question there used to be a guide available on finaid.org but that no longer exists. I would suggest taking the Zillow value from a year ago since it seems all prices have gone up well higher than the real sellable number.
Thank you for the video BCA class of 2022
Thank you for watching your HS has been counted for another point
A question regarding housing. If parents currently rent and have no assets outside of Roth IRA , does it make sense to take money out of Roth for Downpayment and buy housing near the campus in the students name. Housing in the dorm is very expensive. Financially it would make sense to take a mortgage and rent out the other rooms to other college students. Only question is from the financial aid eligibility perspective is should the house be bought in the students name or the parents name (parents are retired so from mortgage eligibility point of view student and parents are in the same boat).
I would not raid a Roth to buy property. Buying property is a fine idea though. I have a rental I might 1031 exchange into a property where my daughter will go to school precisely to rent rooms to other girls.
We have inherited property, the land our doublewide is on is very low value, as is the mobile home and needs a lot of fixing up. The house that my inlaws lived in, is in a different parcel of the same land; however, it is uninhabitable, it is an old cement block house with no working water. We use it for storage. How do we explain this, as it is apparently worth more at $44,000 with land, than the property we are living in. Thank you for any advice or information you can give!
If you are applying to a school in another state are there state financial forms to fill out similar to the NJ Fam that needs to be done?
Great video! Here’s a scenario I’m wondering…What if my primary house is paid off and I buy another home in another state where I will have a 15-30 year mortgage. Would this affect the amount of financial aid we could be eligible for?
Thank you so much for the wonderful information Bergen County Academies Hackensack Class of 2022
Thank you for watching and commenting your school has been counted
to continue helping the fund please watch the other videos
Thanks Ed, leave in Texas my house is paid off tax value is around 85k market value may go up to 175k is a paid off truck considered an asset also and if so is it the approximate value or also a % of it
Hi, we own a three family but we use it as a two family with the grandparents living in one apartment. Do we still have to report it on the FAFSA?
Just count 1/3 of it
Thank you! Very informative. Morris County School of Technology, Class of 2022
Thank you for watching and commenting your school has been counted
to continue helping the fund please watch the other videos
Thank you for the video! It's very informative! We have a primary residence which we just got(mortgage), and a few dirt cheap investment properties also on mortgage(25% down). All together I'd say we have less than 800k equity (market value minus mortgage balance). Do we have to report all of that 800k equity on CSS profile? Thanks.
Very informative
What if I put my rental home in a trust fund for my younger son which this will be his home when he comes of age
Thanks any extra info would help
Thank you for providing this info! Roxbury High School class of 2028
Thank you for watching and commenting your high school has been counted.
Do you count the home in the Fafsa if your on title as equal part owner but not on the loan. I am a parent my daughter is a senior in Southern California. Thanks
You do not count the primary home on the fafsa
@@edzamoracollegeprepchannel3820 Thank You for all your helpful information.
Great information
i own a Home and i owe on my main family home I have one son preparing for college soon and one younger son If I put the paid home in the younger sons name in a trust will it also be counted as a asset on a FAFSA loan
What if you live overseas in a home rented, but have a home that you own in the US and are renting that one out. But that is still just one property.
If we currently rent a home, but just bought a home that we will move into next year, how do I report this? We do not rent the home we just bought. Thank you!
Don't count the house you just bought on the Fafsa. Thank you for watching and helping the scholarship fund.
Hello, thanks for this video. Is there a particular correct way to determine property value (for an investment property) for the FAFSA? I've read using the "quick sale value", comparable sales, and even tax assessments. But those values are all very different.
Quick sale for second properties.
Thank you for providing this info! Roxbury High School class of 2025
Thank you for watching and commenting your high school has been counted.
Hello, Thank you for the video, we own a Lot (land) do we have to report it on FAFSA?
Yes if it's not the primary property
Hi, thanks for the info. If you have a duplex or rental property is there any reason to fill out the state forms if you are staying in state?
Yes fill them out.
if I donot have emergency funds to show and I have no savings on my financial aid forms , how will that affect my need aware and need based admissions aswell my financial aid award as an international student.
Junior at Immaculate Heart Academy, NJ
Thank you for watching and helping the scholarship fund. Your High School has been counted.
Great info! White Station High School CO 22
Thank you for watching your high school has been counted.
Hi
My husband's company closed down druing the pandemic. We rent out our property then moved to other state. Since his job is not stable we rent a house in the new place. Will our rental home a investment property? Thanks
The rental property will count as an asset.
Hello! Your videos have been a great help! I have a small piece of land & may borrow against my home to build a small house. Am I able to allocate the 60k borrowed against my primary residence (cash out refi) to reduce the value of this secondary real estate asset?
Example: home/land value would be 80k, but borrowed 60k. In reality I only have 20k equity. Is this possible with documentation? Thank you.
Hi, we have three rental houses, we’re paying mortgage on all three, how do I calculate what to write in the assets section, thank you
56000 a year or for the full programme? Is it the same for international students?
Thanks Ed, Morris Tech 2022
Thank you for watching your high school has been counted
Hi,
I plan to cosign with my parents to buy a first house. Does it count to asset? Will I eligible for receiving aid fafa?
Don't count the house
Do you know what is the maximum income which qualifies fafsa with a family of 3? Thank you
Hi, I submitted my FASFA a month back. Now recently I have paid off 35% of my mortgage using savings reported in my initial FAFSA submission. Should I now update the FAFSA with my reduces savings? is it legal to do so? pls, advice. Thank you.
Is percentage deducted from FA is per year or on the whole programme of 4 year in case of bachelor's degree
If I bought a house and lived there under my name would it still affect me since I don’t live with my parents?
What if rental house has no more mortgage, do you put the market value or the value from the property tax?
You would have to put the market value
What if the parents rent an apartment and they don’t own a house?
then you will not have to worry about the affect on fafsa aid
@@edzamoracollegeprepchannel3820 my concern is that if your home is not taken into consideration then the people with no house but money in bank account will be at a loss as they have to provide their assets details. It would be beneficial to go and buy a house rather keep money in the bank as house is not accounted for in fafsa.
@@edzamoracollegeprepchannel3820 thanks for the response.