<p>If me/ my parents buy a house in southern cali and then I find some roomates,
1.Is this allowed at most schools as a freshman?
2. How will this affect my efc if im living off campus, but then they will have more assets to report...</p>
<p>bump</p>
<p>It very much depends on the individual college whether freshmen are allowed to live off campus. </p>
<p>Please use financial aid forum to ask how financials work. The aid is more complicated with more property but don’t they have an asset already that they are using to buy the property?</p>
<p>Assets are assets whether it’s cash sitting in the bank (or investments that they cash out to buy the house) or whether it’s their equity in the house. If it were their primary residence I believe that wouldn’t count, but as a second home/investment property (since I assume your roommates would be paying your parents rent) it counts.</p>
<p>Re whether you’re allowed to live off campus as a freshman, that depends on the school. Check with the school about their requirements. Some schools do have a requirement that all freshman must live on campus.</p>
<p>Some schools require freshmen whose parents do not live within commutable distance (specified) to live on campus They may have an exemption process, but that depends upon the school. </p>
<p>I had neighbors with lots of kids who bought a house near a local college and that’s where their kids lived with some other kids they were able to round up and that pretty much paid the cost of the house, and took care of their kids living away from home yet near the college. </p>
<p>The house would not only be an asset but the rental income have to be listed on FAFSA as well as for tax purposes. Given that EFC ratchets up a good 30-40% of additional income, yes, it would affect your financial aid. </p>
<p>Your parents will own a property that will be considered an asset, plus,the rentals will be considered as income.</p>
<p>Yes, it would reduce your aid…but really what colleges are you talking about? Most don’t meet full need anyway.</p>
<p>If your family can afford to buy a second home in California near a univ, then likely their income or assets is too high for much/any aid anyway.</p>