<p>3ofthem, real estate assets are treated the same as other assets … you report the current market value less any mortgage owed on the real estate.</p>
<p>Thanks. It’s hard to guess at them in this market. Do you know if there is a $ amount that would make me ineligible?</p>
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<p>I don’t either kelsmom! It defies logic because there’s no second income to rely on if a single parent loses their job, there’s no difference in the amount or cost of home maintenance, repairs, or taxes, and one still has to have liquid savings to cover all the kids’ expenses! I suppose there’s no need to save for the replacement of ther other parent’s car…that the only difference/cost savings I’ve ever been able to think of!</p>
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<p>Your residence is excluded for FAFSA purposes, although some Profile schools use home equity in their calculations. Second homes, investment property, etc. are reflected on both FAFSA and Profile as assets and are assessed at 5.6% for FAFSA (Profile schools make their own calculations). If the properties are income-producing, the net income you report on your income tax return is part of your AGI. </p>
<p>The only time that assets of any type aren’t included for FAFSA is if you qualify for one of the two Simplified EFC formulas, both of which specifically excluse assets from the calculations. You can find descriptions and qualfications for these here:</p>
<p><a href=“http://ifap.ed.gov/efcformulaguide/attachments/101310EFCFormulaGuide1112.pdf[/url]”>http://ifap.ed.gov/efcformulaguide/attachments/101310EFCFormulaGuide1112.pdf</a></p>
<p>In addition to excluding current debt on the properties, I believe it’s also allowable to deduct estimated selling expenses in order to determine their true net value.</p>
<p>You could work the formula on paper to see. Just google 2011-12 EFC formula.</p>
<p>Needing a little reassurance here. Did first FAFSA ever last night with what info we have so far to try to meet deadlines for earliest schools–of course chose Will File since unable to do taxes yet, do not have all info needed…if I forgot anything it looks fairly easy to go in and update corrections as info comes in/taxes are done? Should I email finaid at D1’s acceptances if we see BIG corrections needed?</p>
<p>Can I submit the FAFSA to one college to start, so that I can then see my EFC? How long would I have to wait before submitting it to the other schools?</p>
<p>It usually takes a few days to process and after you get an email that your SAR is available you can delete the original school(s) and add new ones. What is the point though? You’ll have to send them all anyway, won’t you?</p>
<p>Cocoa, your EFC will appear on the left right below your Congratulations (or whatever it is). Just remember that the FAFSA “locks” (for 1–3 days?) every time you submit it–so if you submit it with one college, and the deadline for another one is the next day…not so good, although I think ALL colleges can see when you submitted it for the first time, and that will count for meeting their deadlines.</p>
<p>Cup of tea?</p>
<p>Although we can see the date the original FAFSA was filed once a student adds our school to his FAFSA, we use the date our school was put on the FAFSA as the date of record for purposes of determining whether or not a student met our priority deadline. We have to do that … if you file in January but decide to come to our school in May, our grant money is gone … we can’t consider you as having met our priority deadline & give you the same grants you would have received had you sent your FAFSA to our school code before our priority deadline.</p>
<p>Interesting. Thanks Kels, I did not know that.</p>