<p>The last question on my CSS/Profile (PE-150) reads:</p>
<p>"What is your parents' monthly home mortgage or rental payment?...."</p>
<p>We have a mortgage as well as a home equity loan. Seems to me that since both are secured by our home, that I would include my monthly mortgage payment as well as the minimum monthly payment on the equity line. Of course, this question doesn't have any guidlines in the instruction booklet! </p>
<p>Any advice would be appreciated!!</p>
<p>When we completed the Profile, we included both the mortgage and home equity payments on that line. Both are mortgage payments.</p>
<p>Thanks, Thumper1, I knew I could count on you to reply!! :-)</p>
<p>Did you include your minimum payment on your equity loan? Or what you generally pay? Our minimum payment is interest only which is $225 or so; we always pay in $500.</p>
<p>I can't wait to finish up this form!!</p>
<p>Remember...I am NOT a financial aid expert. So any "advice" I give you should verify with someone else too. When I completed the Profile for DD two years ago (hopefully I will NEVER have to do it again...she doesn't need it for finaid renewals)....I put the amount I actually paid. We, like you, pay the same per month. That's the amount I paid. They ask for "mortgage payments" so I added what I pay per month together and filled in that line. The "Profile" police haven't come to get me yet. I also got a statement at the end of the year (for 2005 tax year...I was completing the Profile for the 2006-07 school year) that gave the amount I actually paid for the year for both my mortgage and home equity line. </p>
<p>I sure hope someone else like maybe Sybbie pipes in.</p>
<p>Fear not - I totally understand that you are not an "expert"!! </p>
<p>I feel that this question could be read many different ways. And I'm surprised that there are no instructions to go along with it - most other questions are explained pretty thoroughly. I am actually an accountant; I'm trying to stick to the "conservative, reasonable, and supportable" method!</p>
<p>I think the 2nd line of credit should be included, but the amount should be the minimum required rather than what is actually paid. </p>
<p>Your home equity loan is a debt that is secured by your house, so it has to be paid; the consequence of not paying is foreclosure and losing your home -- this is true no matter what the circumstances of taking the loan. However, you only have to pay the minimum -- the extra you pay is money that you could choose to pay towards your child's college, so it is misleading to count that as part of the "mortgage payment". (I realize that many home equity loans are amortized in such a way that you are basically paying only interest and would be foolish not to pay it down beyond that amount -- however, the colleges are asking how much you HAVE to pay toward your housing costs, not how much you CHOOSE to pay to reduced debt).</p>
<p>Im amazed at mortgage payments less than $1000.</p>
<p>Our payments used to be less, but the colleges figured since we had equity we could tap it for college- now our interest only payments are quite a bit more.
I always understood the question to mean 1st mortgage only, not adding more than one loan to the mix</p>
<p>Still trying to figure the intent though...as mentioned above, the penalty for default on 1st mtge is the same as default on the equity loan. I'd be comfortable declaring the minimum pmt on the equity loan as well as the total 1st mortgage payment.</p>
<p>Interesting, though, my 1st mortgage payment includes a hefty amount escrowed for tax and insurance!</p>
<p>the equity loans we looked at- were mortgages, not on top of a mortgage, so while we do have an equity loan, it is our only loan that is secured by our residence.
We also don't include ins or taxes as those are paid seperately, too bad the college aid forms I saw didn't ask for all housing related expenses :(</p>
<p>I'm also a little confused about this question. We pay our property and school taxes in the same monthly payment. Should I deduct that amount and just be reporting the mortgage prin/int portion alone?</p>
<p>I think it should be the entire amount, including taxes, for the FAFSA. The penalty for not paying those taxes is also the same - you lose your house.</p>
<p>thanks Chedva, I thought so too, but was surprised there wasn't an explanation/definition for that one, with the possibilities for ambuiguity and confusion.</p>
<p>Hmm, interesting though about escrowing, which includes the amount of your prop taxes and HO insurance in the payment- if your payment is not ecrowed, are you supposed to add those in? What do they do with that number anyway?</p>
<p>we added them in- Im assuming they want to get an idea if your housing costs are average or low for the region/or your income.
or how much you would have to borrow to make the tuition payment</p>
<p>UGH ~ I don't recall off the top of my head what I did last year for D's FASFA and for H's FASFA since he is a full time student. We have no traditional mortgage, only a home equity monthly payment. I did use that on the mortgage line. Our personal property taxes which yes include school taxes and the host of other taxes are not in escrow. We send that check of $6200 off once a year. I don't think I included that on the mortgage line, but I can see now how you can since many have it in escrow and part of their monthly mortgage payment. Thank you for getting me thinking. I am getting ready to complete FASFA for D #1, D #2 and H. Thankfully he is to be finished here soon.</p>