Does Richmond include the equity in your home when determining a financial aid award? It seems to vary by school, and we are trying to be smart in how we structure our assets. Thanks!
Well, they require the CSS Profile, so they do. But the relevant question is, to what extent do they consider HE? Some colleges include 100% of HE in the calculation of assets. Some limit HE consideration to a multiple of income. For example, if a college caps HE at 1.5x income, and your income is $100k, they will cap your HE at $150k—even if you have $1,000,000 in HE. That’s to protect families that bought homes 25 years ago in areas that have skyrocketed in home costs. You have to CALL each university’s financial aid office and ask how it treats HE.
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