I’m an international student and I have a question about how my need will be determined. We fall under the >$30,000 bracket but we do have two houses. Will my aid decrease because of the second house? Because selling the other house is not plausible. I have a younger sibling who will go to college right after I graduate.
Thank you for your time.
Yes, because the house is an asset. Unfortunately, you will not receive funding so that your family can maintain a second home.
Remember that most schools are not need blind to international students. This means that your ability to pay will be a factor in the admissions process.
Is there anyway I can convey the importance of the second house?
If colleges ignored people’s 2nd homes when determining how much grant money to give, they’d essentially be helping them pay to own the 2nd home. Why would they want to do that? Do colleges in your country ignore major assets when determining how much aid they’ll offer? If so, you may want to apply to some of them.
What IS the importance of your second family home?
In some cases the equity in your primary residence is also considered.
You will be completing a CSS Profile to get aid. It will ask about everything…both homes included. There is a small section at the end for additional information. You can put the reason for the second familu home there. But it would have to be VERY compelling for the financial aid folks to ignore it.
If it’s for an extended family member, could it be put in their name?
If it’s for an extended family member…and you put the property in THEIR name…you have to be giving them the property. Is your family willing to give up ownership…and make this a gift to that extended family member?
If not…the property is still YOURS.