<p>My federal EFC is $0 but Georgetown says that unlike the FAFSA, they also take into account my family's assets. My parents are in their late 50s, dislocated workers already getting social security income (so they retired?). My dad is disabled (back problems) and their total income from social security is about $20k a year. It mostly goes away in food, utilities, and loans (like car debt), so they have $0 savings. </p>
<p>My question is, will the fact that they own their house affect the financial aid I get? Their house is valued at around $70k .. is that too much?</p>
<p>A friend suggested that they could potentially expect them to take a new mortgage ... but that's ridiculously unfair ... is this realistic? I can't attend if they expect too much out of us :S</p>
<p>Georgetown is a member of the 568 group, which theoretically should mean that home equity is capped at either 1.4 or 2.8 the family’s income. Their website makes it clear that institutional aid does consider home equity, though if it is capped, it should add very little to your family’s contribution and will not affect your federal benefits at all. </p>
<p>But I’m confused: did you already GET a F.A. offer for Georgetown, or are you simply considering applying next year?</p>
<p>I just got my letter of acceptance to Georgetown as a transfer … I am waiting for their financial aid offer (which should take about 2 more weeks, maybe). </p>
<p>A few other schools I applied to have response deadlines soon, but Georgetown is my first choice. I am just really panicking about whether I’ll actually be able to attend (ie, they won’t ask us to contribute something unreasonable - my parents are already hesitating over the fact that loans will be part of the package)</p>
<p>Anyway, your reply calms me a bit, maybe I’ll sleep better tonight. 
Thanks!</p>
<p>Georgetown does include home equity as 568 Group members do, at I believe it was 1.2 x income. Yes, they will take into account family assets which FAFSA does as well unless you are in a special category which I assume you are.</p>
<p>I wish you luck and a good package. It’s hard to say what one will get in financial aid as a transfer student especially. But Georgetown does tend to me more generous than most school. Congrats on your acceptance and I hope it works out.</p>
<p>OK – add a post when you get your Georgetown FA if you’d like some help interpreting it. Meanwhile, does your next most desired school have a deadline for you to reply before Georgetown gets you the F.A. offer? If so, I’d contact Georgetown and ask to speak with an officer (wait until the end of the week since new freshmen have to respond by May 1st and they’re probably getting slammed) and explain that you are an accepted transfer student who really, really like Georgetown, but you are coming up on the deadline to respond to a school to which you’d applied, and that you would very much appreciate an earlier answer since your family is low income and your dad is on social security disability and your mom is a dislocated worker.</p>
<p>Since transfer students are on different decision timelines than freshman/1st year students, you should contact your FA counselor at GT and begin this conversation immediately. My experience in dealing with five of the Jesuit universities this year is that while they each say they have “need based” FA and they each use CSS and FAFSA as metrics, they each have internal definitions as to what constitutes need and therefore the best and only way to find out is to talk directly with them. It’s a bit confounding, but keep working with your FA counselor until you have clarity.</p>
<p>You should get a generous financial aid package from Georgetown because your family qualifies for a zero EFC. Talk to your financial aid counselor by phone and I’m sure they will make it possible for you to attend. It’s a wonderful university!</p>