<p>I understand that this does not include home, but can you deduct what you owe on your home mortgage?
Where do you get to put how much you owe on that?
Thanks!</p>
<p>No you cannot - As FAFSA does not expect you to declare the home as an asset it also does not allow you to claim an exemption for the mortgage on it.</p>
<p>While PROFILE does allow you to state how much you paid for your home- etc, FAFSA mainly considers income- not expenses.</p>
<p>If my income is say $60,000 and my mortgage is $2,000 a month, I am not going to get any more aid than with the same income & a payment of half that.
A heads up- if the school uses PROFILE, and you have equity, it will often be assumed that equity can be accessed for tuition.</p>
<p>what is the general limit of a salary that your parents make at which you would get no aid at all?</p>
<p>its not just salary, its the value of investments, cash, and education savings accounts. Your mom/dad could be an investment banker that retired at 45 with a net worth of $500 million, and now you have very little income, per se. The fact that you have $200 million in cash accounts also plays in.</p>