<p>what if my families income is only around 60k but we have 3 houses and some money saved up. I know all situations will be different but do you think we would qualify??</p>
<p>Yes assets will affect the EFC at the $60,000 income level. For FAFSA the primary home is not included as an asset. But the other 2 houses and the savings will be (unless they are in retirement accounts like an IRA or 401K). There is a protection allowance which varies depending on whether there are 1 or 2 parents and also on the age of the older parent. The maximum asset protection is @ $75k for a 2 parent family where the older parent is 65. For families with 2 parents where the older parent is 50 the asset protection allowance is @ $49,000. Assets over the protected allowance about 5.6% goes to the EFC.</p>
<p>Impossible to say if you will qualify for any aid or how much if you do. Depends on the school (if they use profile as well as FAFSA) and on the value of the assets. Obviously assets worth $50,000 will have less affect than assets of $500,000.</p>
<p>Finaid has a calculator where you can enter your income and asset information and it will give you an estimated FAFSA EFC.</p>
<p>FinAid</a> | Calculators | Expected Family Contribution (EFC) and Financial Aid</p>
<p>just an FYI -- $60,000 is not low-income. Both the national mean and the national median for household income in the US is less than $50,000.</p>