<p>Hi everyone, </p>
<p>I am quite confused as to what assets are. They say the ceiling is 6k of assets, what does that mean? If I my parents had two houses, one for living and one that is leased to someone, is the payment from the lease considered an asset? Or is that placed under income? Also, is income the income before or after taxes.</p>
<p>The money from the lease is income.</p>
<p>The value of the house is an asset.</p>
<p>The house itself is an asset (value minus mortgage) and the rent is income.</p>
<p>Sorry, another scenario. Both of my houses arent paid off yet, so they are on equity loan. So all the money i get from lease goes to payment, what about this scenario? thanks for hlep guys!</p>
<p>The house value less the amount owed is the asset value you must report. So if the house is worth $250,000 and there is a $100,000 loan against it then the value for FAFSA is $150,000 (250,000-100,000).</p>
<p>The money from the lease is still income whether you are paying a mortgage or not. So if your get rent of $12,000 a year then that $12,000 is income.</p>
<p>The house you live in is not reported on FAFSA. It is reported on CSSProfile (if you have schools that require that).</p>