<p>Most colleges don't give a FLIP about revolving debt - and don't take it into consideration at all. A good F.A. strategy that we followed: have NO debt other than mortgage when kid starts school. Spend assets to make sure everything in house works, roof is strong, AC/heating updated, cars are young enough/good enough quality to last through until end of last child's college education, all credit card debt or other debt is paid off. Do all this before filing FAFSA in spring of High School
senior's year. Then live frugally during kid's college years and try to pay all costs out-of-pocket. It worked so far, but we'll see how it works next year with 2 in college!!!!</p>