<p>dad makes about 80k. mom doesnt work. own 3 properties . a lot of spending.</p>
<p>Spending doesn't count.</p>
<p>It depends on the school, and there's not enough information for anyone to know.</p>
<p>Go to FinAid</a>! Financial Aid, College Scholarships and Student Loans and use their financial calculators. If your EFC is higher than the cost of attendance, then no, you do not qualify for financial aid.</p>
<p>Understand too that even if your EFC is lower, it doesn't mean that you will get aid. Schools calculate the EFC differently, and only a few schools meet full need.</p>
<p>Spending doesn't count. Owning three properties (only one is your primary residence) may work against you. There isn't enough information provide to know. Agreed with Chedva...run your numbers through an EFC calculator. Do both federal and institutional methodologies. Make sure you put all the info you have in...but remember this will only give you an estimate.</p>
<p>Make sure you know how to properly classify the properties. If you rent them out, they are only considered a business if they fit that definition (read the directions - <em>most</em> property will not be considered a business). The properties that are not your main residence will most likely be counted as assets. Assets do receive a protection allowance, but your family will be considered to be able to borrow against their value. You report them as net ... that is, if you owe on a mortgage for them, you report the value minus the outstanding debt.</p>
<p>You can't report most other debt, such as cars, boats, credit cards, etc. If your debt is from large medical bills, some colleges will consider that - but this is done on a case-by-case basis. There is no place to report this on the financial aid FAFSA/Profile. You have to contact the college & ask for your situation to be reviewed - you'll need to provide detailed bills, etc. - some colleges will adjust your expected family contribution, others will not. It's their call.</p>
<p>kelsmom is correct in valuing the properties. Remember, too, though, that any rents or other income generated from those properties must also be reported as income on the forms. "Income" is not limited to what one earns at a job.</p>
<p>You need to look at the online calculators for both FAFSA and specific ones for schools you are eyeing. You are not going to be entitled to much from the government; probably just loans, but depending on the value of your parents' assets including those properties, you would be elligible for money from the colleges' themselves. Be aware though, that even schools that guarantee to meet 100% of need, do not give out 100% of grants for the most part.</p>