Need Help With The FASFA Application

Paying for College
1

I am a dependent student, and I am applying for financial aid from FASFA for college.

the page asks me:

【On the day you submitted your FAFSA, what was the net worth of your parents’ investments, including real estate (not your parents’ home)?】

I dont know how to fill it.

My parent own a house, and they use about $300,000 to bought it, and we are not living in that house, the house is renting, and we get rental monthly.

So…how to fill this??? I need to fill $300,000 or the monthly rental amount?? or the total monthly rental my parent received?

Thanks!!!

2

The net asset of your parent rental property is its current value minus any mortgage they have on it.

the rental income would be included as income.

@BelknapPoint

3

Correct. The net worth of the rental house (current market value minus any outstanding mortgage on the house) needs to be added to any other reportable assets that the parents have.

4

It always amazes me when parents have their kids fill out the FAFSA.

OP, FAFSA is just a gov’t form. It does not give any aid.

5

The rental income should already be included on the tax return, if they had rental income in 2015 (2017/18 FAFSA), and reported it.

The FAFSA should be done together if possible. It’s the student’s application for aid, but parent help might be needed for income and asset information. And one parent has to sign along with the student.