Hi. I am a prospective freshman and I have a hard time deciding on which option in question regarding housing status in CSS Profile to choose. My parents owned a house for 15 years until August 2014 when they were forced to sell it due to the financial situation of my family. Now we live in the house that belongs to my grandparents, but they don’t live with us. I know that home equity is very often crucial in determining EFC of the family so that’s why I am so concerned about it. I guess I should choose “Live with Others” option, but I am not 100% sure. Any suggestions appreciated.
-Own Home
-Rent Home
-Live with Others
-Housing is provided by employers
If the house is under your grandparents’ names, it is their asset, not your parents’. Yes, “live with others” would fit best, since the other three are not true at all.
Thank you for these helpful responses, but I still have one more thing on my mind:
My parents of course pay the utilities bills so they will report that on CSS Profile in the appropriate section, but will that make the schools I am applying to suspicious? Will they count some part of that house as my parents asset or only the money they have in bank accounts and in cash will count as that? Lastly, what documents will I have to show the universities to prove that this home is not my parents assets and that it is in my grandparents name? Will I have to show them anything regarding that in the first place?
If your parents don’t have an ownership interest in the house, then no part of the house will counted as your parents’ asset. Also, Profile doesn’t ask about utility bills. If the colleges want proof of what you are telling them about your living situation (doubtful), they will tell you what kind of proof they need.