Hi,
I have a doubt regarding the question being asked on NPCs, FAFSA and CSS - the value of the home if owned any by parents. Of course, I’ll be filling them out wrt to my CP as parents are divorced. I currently live in that house. Let’s say the current market value of the house is ‘x’. My CP and grandparent each own half of it equally. So should I list the value as x or should it be x/2? Is it same for the question that asks the value of it during the purchase? I’m cognizant that it’s only the parent’s financial info that should be listed in those forms, but had this query in mind. Thank you in advance!
I don’t think it will impact the FAFSA because the principal place of residence is excluded from assets. For the CSS, assuming that your parent is only entitled to 1/2 of the equity in the home (depending on how the home is owned–joint tenancy, tenancy in common etc which you will need to check)) . they are also only able to claim half of the mortgage payment. Hopefully, someone with greater knowledge will be able to help you out on here. The CSS Profile provides very little in the way of support for questions. One thing you could do is call a financial aid office at one of the schools you are interested in and ask how they expect to be reported.
They may be joint on the deed, but is there some legal document saying the ownership is 50/50? Those are not the same thing.
I’ll have to check the docs for legal specifics. I was told that it’s 50/50. There are no mortgage payments being made, the purchase was made at one go paying entire amount of the property price at once.
Also, since the home is located outside the US and owned by 2 people who are not US Citizens (but I am), do I still have to report it as something owned by CP on FAFSA?
Your parents are divorced. They are not U.S. citizens. Don’t count on the net price calculators being accurate. They likely won’t be.
Your primary residence is NOT included on the FAFSA…at all. EVER.
But it will be included on your Profile form if you apply to colleges using the Profile. And it doesn’t matter if the house is on the MOON…it’s still required. Only the share your parent owns would be used…but you would need PROOF that someone else actually OWNS the other half.
It also doesn’t matter if your parents are U.S. citizens…or not. Or where they live. You are still required to list all of their income, and assets, and a primary residence is included on the Profile.
You have been given the SAME advice about your primary residence on the FAFSA AND the NPC accuracy in multiple threads. Maybe go back and read those again.
New here…is that your grands own half. If that is true, you will need documentation of that.
Unless you receive a waiver or the college is one of the few whose CSS doesn’t require both parents, you’ll have to include the info. of your well-to-do dad. If he refuses to supply it, you can tell colleges that but I don’t think they’ll grant a waiver based on his refusal. If they did, a lot of upper income parents would just refuse to pay.