<p>My S is currently a sophomore. Our EFC is zero(and thanks to Caltechs great finaid, I pay zero). I'm in the process of selling my home. I'll buy another home when this one is sold and I should not have to pay any capital gains(I won't make more than $250,000 on this sale). I'll put all the money from this home that I've owned for 20+ years into my new home. A potential buyer has asked if I'd carry a small second for them. I'm trying to figure out how that will change the finacial aid picture. Would the loan be seen as an asset? I'm assuming the payments will be "income" - but if they pay principal and interest is it all "income" or is just the interest income? Is there anything else I should consider as I weigh whether or not to do this for the buyer? I'm hesitant but in this housing market I feel like I need to do what ever I can to sell the house. Thanks!</p>
<p>oaklandmom, congrats on getting this offer (I've been following your other thread)!</p>
<p>Since you already know where your son is going, so it's not a situation of contacting multiple offices, why not just give the FA office at CalTech a call? I'm sure they've seen similar situations as this, and they'll be able to give you the definitive answer. I know that the FA office at my d's school is very welcoming and has told us to call if we ever had any questions. CalTech's may be equally forthcoming.</p>
<p>Now, whether this is a good idea outside of the FA world is a different issue, and one about which your bank or an uninvolved realtor may be able to advise you. </p>
<p>Good luck on the sale (and the subsequent purchase)!</p>
<p>Calling Caltech is the best plan, but do stop back bye and let us know what they say!</p>