If you own a 2nd property, that’s an asset that could be sold or borrowed against to pay for college.
Did you contact Penn FA office yet? Do that ASAP.
No, because every college is different.
@yoharamona, just completed (revised) accurately the forms (the one specificity for Penn is critical) required by Penn FA, and let Penn FA officers make the decisions following Penn FA RULES. It seems that your parents have substantial assets. Penn is very generous in the need-based FA.
“If you own a 2nd property, that’s an asset that could be sold or borrowed against to pay for college.”
You can sell it, but then you have lost your business and therefore lost your income.
You can borrow against your income and also borrow against your assets. However, at some point you have to pay back the loans. When you get to paying back the loans, you still can’t both sell the asset and also get the income from it. If the loans against the income are as much as the income can support, you are going to have trouble paying back the additional loans against the asset.
@yoharamona I meant that the college would typically expect that the rent collected could go toward college tuition. Obviously, that’s not the case in your situation. If I were you I’d make an appointment to sit down with a FA rep at Penn or talk on the phone if it’s not possible to go there on site. Do it Friday first thing in the morning because you don’t have much time. Yours is a non-typical situation because the home is really an essential and integral part of the business.
@yoharamona rent that people pay to live at the properties they own