Foreign assets in FAFSA application

Paying for College FAFSA & CSS Profile
1

This got me thinking:
Student’s Net Worth of Current Investments (question 41)

My husband has an apartment in his hometown outside the US. We live in a rented apartment and have no property in the US. Does FAFSA consider my husband’s apartment an investment property?

The comment on the FAFSA application suggests that investment is:

  • real estate (don’t include the home in which you live);

Well, because we don’t live in the apartment (his brother lives there temporarily with no rent) I probably should report it as an investment. But I want to be completely sure. I’ve contacted FA with this question, but haven’t received any response.
Also, am I supposed to indicate an estimated price of the apartment?

2

I don’t think it matters where your second real estate is located. You need to include the equity on that property as an asset.

@kelsmom

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3

Yes, it’s an asset.

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4

I agree with thumper1 and kelsmom on the requirement to report the hometown apartment outside the U.S. as a parent asset. As far as the amount, do your best to estimate the fair market value in the local currency, deduct any amount owed on the property that is secured by the property (again, using the local currency), and then convert the resulting number to U.S. dollars using the exchange rate that prevails at the time you are completing FAFSA.

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