<p>My parents own two cars, but they will sell one very soon. Do I need to inform the financial aid office about this? and would it help to raise my aid?</p>
<p>Thanks in advance!</p>
<p>Financial aid is based on what happened in 2005 for the 2006-2007 calculations. Selling a car would be income which might get you less or lower aid. The income would be reported in your FAFSA for next year.</p>
<p>Thanks!</p>
<p>But is car considered as an asset? and what if my parents sold their car because of a dramatic decrease in their income? Would this circumstance lower my aid?</p>
<p>If there is a dramatic decrease in income, your parents can document it, explain all the circumstances, send the info in to FAid & meet/confer with FAid and ask them to use Professional Judgment to see whether anything can be done to help. The sooner this is done the better, since colleges have finite resources & many asking for the same $$$.</p>
<p>Thanks you very much!</p>
<p>Selling a car would result in income only if there was a profit made. Not likely in the normal case where the value and sales price is less than what you paid for it. </p>
<p>Cars are not reportable as assets on the Profile or FAFSA. Sometimes there is a special question in Profile Section Q about cars, just because a particular college wants to ask it, but that is rare.</p>
<p>just don't pull up in front of the fin aid office in your slightly used lexus</p>