<p>How is home equity used in determining how much aid you will get? What's a "good" home equity value to have to demonstrate need. Our home is about 350,000 dollars and we still owe 200,000 dollars on it, with a monthly mortgage of about 3000 dollars. So our home equity is 150,000. We also have another apartment for my sister but it's under my dad's name. That cost about 160,000 dollars and we owe about 158,000 dollars still (we just got it). So how is your equity value played into how much aid you get? i realize equity is only one part of your assests and your whole application but i wud just like to know.</p>
<p>It totally depends on the school. If you are applying to schools that reply solely on the FAFSA to make financial aid determinations that home equity is a non-issue - FAFSA does not consider it. However, schools that use the CSS Profile or their own FIN AID forms will factor in other assets and home equity is one of them. If you're considering any of those schools (you can tell on their websites what they use) you will have to do your homework, complete some worksheets and see how it affects you.</p>
<p>what worksheets?</p>
<p>Expected Family Contribution (EFC) Calculator
This form is used to calculate the Expected Family Contribution (EFC) and financial need, and to estimate your student financial aid. This is a free service. We do not retain any record of the information you submit using this form, and have taken steps to ensure your privacy.</p>
<p>Before filling out this form, we strongly recommend that you read the caveats and instructions.</p>