Except with rental property, the NPCs are sometimes not accurate.
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I didnāt know about Cal Grant until SCU mentioned that if below a certain income which we are even with rental income and below an amount of assets (maybe $97k? Which we are if moving back) we qualify for Cal Grant.
Yes, Cal grant is based on income.
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D did get in to a few public universities. But I really wanted to resolve this aid with some of the private schools as we did use the NPC for every one of them, using both numbers. I expected to pay full price minus any merit or grant for year 1. But the NPC showed a much lower amount after year 1. I used the NPC for every private school. Some were better than others. The 5Cs were really low after year 1. But Reed wasnāt.
Do colleges even care if I tell them that their NPC showed a better number?
No the tool never worked for us back in October.
You have a rental property. Very often, the NPCs are not accurate when you have property other than your primary residence.
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Iām going to say this one last time.
You need to contact the college financial aid offices. No one here can tell you anything else. The colleges will tell you whatās what.
With a $97,000 a year income, Iām not sure how you can pay your net amount at SCU. Itās very high. Unless you have additional assets alsoā¦and those count too when financial aid is computed.
But call the financial aid officesā¦thatās where you get your answers to this sort of convoluted situation.
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I think with NPC I just listed all the numbers from the 1040 and put in a fmv of the asset. So I knew it would be full pay or close. For year 2 I still kept the same income and changed assets to a much lower amount. I canāt remember if NPC asks for fmv and mortgage at this point but for some schools the tuition was very low.
One more comment. Need based aid is applied for and calculated annually. The net price calculators are currently set for 2023 fall start students. They are NOT set for any future years. Soā¦how in the world would you know there is a lower amount after the first year.
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No I do know that! Sorry I donāt mean to drag this with so many posts. Iām just trying to reply to questions from above.
Thank you for replying each time, Iām sure this has been exhausting, and Iām very grateful that you are here.
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This was last year maybe in the spring when I was looking at our situation. I didnāt really want the tenants to have to move while they are still in school. So I just looked at NPCs to see what to expect. I was just trying to figure out what schools could overlook equity.
Some schools donāt use home equity in their FA calculations, as you know. And of course the rental property goes on FAFSA, whereas the primary home does not.
Afaik, this (see link below) is the most recent home equity inclusion list, and it shows SCU does not include/assess home equity in their FA calcā¦of course you can confirm when you call SCU. You could also tell on SCUās NPC if they hit home equity by running it with and without the home.
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I forgot you were renting out your primary home and not living there, so that equity should have been reported on FAFSAā¦is that correct?
Yes it was reported, and then subsequently revised after I talked with 2 schools, but I see that the advice was wrong as FAFSA shouldnāt be corrected. We will probably occupy it this summer, but right now looking at what weāre offered for moving back, I thought it was a wash, but I might actually lose money as I still have to pay property tax etc. I just emailed one of the schools to ask plainly if equity is causing them to only offer Cal Grant and work study. The grant they offer has remained the same whether I have rental or not (that seemed to have been confirmed but I asked one more time). The school is probably thinking Iām really slow in understanding these things 
If SCU is not looking at equity then Iām not sure why the grant remains the same. Is cal grant a benefit from the school or from the state?
Cal grant is California state aid based on income. Here is the income limits for 2022-23
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Is SCU losing the money because they now have to offer us Cal Grant? Or the state reimburses the school? If they are not looking at equity and our income meets Cal Grant threshold, and we really donāt have much of anything else, Iām just wondering if they are thinking they have offered more even if itās cal grant. Plus the work study. So maybe thatās about as good as it gets. Or they donāt really need to offer more since they donāt really care if D attends.
Cal grant money comes from the state so SCU is not funding that portion of your financial aid. Since they are a participating school, they are required to offer the Cal grant if the student is eligible.
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Only SCU can give you definitive answers. Are you renting/living in a non-owned property now?
Again, SCU doesnāt meet full need, so this could be the most your S will receive. Although I am curious why their NPC estimate was offā¦did you keep a record of that? Most schools donāt meet full need, but itās fair to talk with SCU and make sure they are understanding all the pieces. Then, they either give more money or they donāt. How far off is the offer from what you can/will pay, without taking parent loans?
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And how far off from the NPC estimate?
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At the time you filed FAFSA, you had to report the rental property as an asset. Itās not that the school is looking at the equity in your primary residence but in your rental property. A non-primary resident is reported as an asset on the FAFSA.
If you move back into the home and it becomes your primary residence, then, when you move, youād request a change of circumstances and the schools can consider that for federal aid. Equity is not considered on the FAFSA. The school can consider whatever it want to award its own aid (grants, scholarships, free housing, books, travel allowance).
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