Th equity in your primary residence is not counted at Cal. The equity in your rental properties is an asset.
How many years ago was the rental house the house your family lived in as their main residence, and how many years did they live in it? Any gain might not be income (but a loss might not be deductible).
I lived in my first home for 8-9 years and my second home for about 1-2 years.
First home was my primary residence from 2002-2010 ish, while the second home was from 2012-2014 ish.
I believe at MIT all students <75k get full rides.
Would two things help at this point? Ask your parents to read the 2015 Paying for College Without Going Broke book and try to show them that paying for a “prestige” college might not be the best for your family financially. What do you want to major in? What kind of college experience are YOU looking for? Plans for grad school?
@dyiu13 That’s what I’m trying to convince them of right now. I am planning on going to grad school which means that finding a good fit is best for me. That’s why I am looking at a lot of the Claremont colleges near me as I heard LAC’s offer better undergrad programs which in turn may help me when I apply to grad school.
@ChiefMonger Thanks for the tip but I’m not getting into MIT so that won’t apply to me.
Here is my thought…your finances are complicated. I would assume you will be full pay at most schools…and it can be a happy surprise if you are not.
@dyiu13 the income threshold is >$75,000 income with “typical assets”. This poster has $500,000 in equity in renal properties…which I doubt would be viewed as “typical assets”. If I were betting, I’d day the rental property values, and incomes will be considered even by a generous school like MIT.