<p>there are so many flaws in the FA process it’s not even funny. How about this one: Home lot valued at say 400K, subdivided to 2 lots with home lot valued now at $250k and second at $150k. $150k more in assets to be reported for FA calculations.</p>
<p>^^^</p>
<p>???</p>
<p>Can you clarify? Did you have your lot divided or is a school dividing your lot on its own??? </p>
<p>It sounds like you have one large lot with a home on it, and someone (who???) is now saying that it’s two lots and the houseless lot is an asset.</p>
<p>Is that second lot formally a second lot that could be sold? Or is it really considered to be one undivided lot?</p>
<p>I agree. That makes no sense …</p>
<p>land was subdivided years ago(parent’s divorce forced it). It’s legally 2 lots…and those figures are higher than posted.</p>
<p>So…it really is now two lots…and one lot has a house on it? Or what? </p>
<p>Who owns the two lots now? </p>
<p>Are you the child or the parent? If you’re the parent, did you inherit both lots from your parents?</p>
<p>If you own both lots, then yes, the houseless lot is an asset and could theoretically be sold.</p>
<p>my simple point was that someone could own 1 piece of land and another could own same size lot, but after a subdivision own 2 lots with 1 now as an asset for FA calculations.<br>
Much easier to comprehend for those that live in rural areas. Large lots are subdivided all the time. Yes, I realize that the lot can be sold, but that is not happening…will go to kids someday.</p>
<p>So, right now, one lot is owned by one parent and the other lot is owned by the other?</p>
<p>Are you the student or what? </p>
<p>I realize that if this were still one big lot, then it wouldn’t be counted on FAFSA, but since it’s been divided it is. Kind of like this…if equity is kept in the home, then FAFSA doesn’t count it, but if you pull out $100k in equity and put it into stocks, then it counts as an asset.</p>
<p>land was subdivided years ago(parent’s divorce forced it). It’s legally 2 lots…and those figures are higher than posted</p>
<p>I think you’re the parent who is posting. Are you the custodial parent with the lot with house? Does your ex have the empty lot?</p>
<p>If so, then FAFSA doesn’t count the value of your ex’s property.</p>
<p>This isn’t much different than if one parent had purchased the other spouse’s half of the land, and that spouse now has a cash asset in his acct.</p>
<p>She was given $2500 in Work Study - so I am not sure why the office said 15 hours per week or more. The financial aid rep was less than helpful and not very understanding. I am not sure about summer work, and that is a question I need to ask. I need to ask specifically if work from a summer job will be applied toward our EFC or if it will raise it. I also need to find out if my raising a bit of money by selling things on eBay or Craig’s list can go toward the EFC or if will be used in the formula to drop the Northwestern grant. I am very new at all of this.</p>
<p>But… they are always listed as one of the top schools that meets 100% of demonstrated financial need. Unfortunately, our definitions of NEED very.</p>
<p>For some unknown reason loans are considered part of meeting need. I never liked that definition.</p>
<p>no- me either- especially not when the loans are unsubsidized.</p>
<p>The loans are especially bothersome as they did not show up in Northwestern’s net price calculator. I thought is was because my income is low. Because I did not anticipate loans, I was very comfortable with my daughter applying early decision; she has had her heart set on NW since her sophmore year, and early decision at NW does give an advantage to being admitted. We will do all we can to make it work - but in hindsight, I would probably forego early decision and compare aid packages.</p>
<p>*She was given $2500 in Work Study - so I am not sure why the office said 15 hours per week or more. The financial aid rep was less than helpful and not very understanding. *</p>
<p>The person may have just been speaking generically…with 2500 in W-S, your D will probably go thru that by working about 10 hours per week @ 8.50 per hour for 30 weeks.</p>
<p>I am not sure about summer work, and that is a question I need to ask. I need to ask specifically if work from a summer job will be applied toward our EFC or if it will raise it</p>
<p>Your D can earn about $5k per year without it raising your EFC. And Work-study doesn’t count towards that. So, don’t worry. Schools expect kids to earn some money in the summer to help pay for school. </p>
<p>your D’s summer earnings can go towards EFC. Wasn’t there a “student contribution”? Either way, her summer earnings can go towards your family EFC.</p>
<p>. *I also need to find out if my raising a bit of money by selling things on eBay or Craig’s list can go toward the EFC or if will be used in the formula to drop the Northwestern grant. I am very new at all of this. *</p>
<p>Unless you’re selling some things at a profit, it’s not “income.” For instance, if you sell a used car, that’s not income unless you sell it for a profit. You wouldn’t declare it as income because it’s not.</p>
<p>Thank you. This is especially helpful to know about the summer work!!</p>
<p>reepicheep, I don’t know how Northwestern breaks it down but most schools list “student contribution” (which is from summer work) and “parent contribution.” I’ve seen schools also just write “family contribution” which includes a certain amount-- I’ve seen everything from $1,500 to $3,000-- that they estimate students will contribute from summer work. They don’t really care whether the student saves that, less or more, but they do expect students to contribute.</p>
<p>Work-study and loans are all part of the financial aid. If for some reason, your dd was not able to do the work-study (sports, unable to find a job), most schools will offer more loans (although if you’re at the sub and unsub cap, they may just be parent loans). Note that not all schools have enough jobs for the kids offered work-study. She will still need to apply for jobs on campus.</p>