<p>My relative's family moved from India a decade ago. The couple had no income, so they kept entering 0 in their kids' fafsa. Only now they realize that they were supposed to report their foreign asset too. They had one residential house and one small/tiny office back in India. What should they do after all these years. They were not making any income from any of these properties though.</p>
<p>Follow the instructions for equivalent property in the US, and convert the values of that foreign property into US $ at the exchange of the day the FAFSA is filed.</p>
<p>As for past years, they need to contact the financial aid offices at the colleges and universities in question, and ask how to proceed.</p>
<p>they are in a lot of debt, but fafsa has no column to enter that. they also have some money in their indian bank account, which they are supposed to pay tax on in India, but fafsa will only look at the snapshot of the money they have in their account - no way to mention tax and debt liabilities - how to rectify that?</p>
<p>No income for ten years? What have they been living on?</p>
<p>well, not “no income” for all those years. no income for first couple of years, then the children who had already attended college started earning. there were a few times when they did earn, but the income was low enough to qualify as 0 EFC.</p>
<p>that also explains why they are in a lot of debt.</p>
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<p>Debt does not factor into the financial aid formulas.</p>
<p>Are the kids U.S. citizens or permanent residents?</p>
<p>kids are U.S. citizens NOW. They weren’t earlier.</p>
<p>is there any way to demonstrate tax liabilities in fafsa?</p>