<p>Ok. So my family moved into a new home @ the end January 2010. I had already filled out my fafsa and CSS Profile for the 2009 tax year. So will this effect my aid now? Income in my home has actually lowered from 2008 and will go lower in 2010 (i expect). The mortgage taken out on the home was about $150K. My family used to rent...we dont have alot of money in our bank accounts...prolly 4K @ the moment. Also live in a single parent home-->dad deceased</p>
<p>HELP! I dont want the new home to change anything</p>
<p>Moving into a new home in January 2010 will not affect your 2009 FAFSA. If you have lower income in 2010 and lower assets due to the purchase of the house, then this will be reflected in your 2011 FAFSA. Don’t worry about this year as long as you took a correct snapshot of assets at the time you filed FAFSA, and used your 2009 tax returns to report income.</p>
<p>Your assets were as of the day of filing both your FAFSA AND your Profile. When you make updates to them to reflect figures from your 2009 taxes…you do NOT change the asset section. Home equity for primary residence is reported on the Profile only…not on the FAFSA at all.</p>
<p>For NEXT year…when you complete the Profile (if that is even required for you as a returning student), you will be reporting only the equity in your primary residence. This would be the value minus the mortgage balance. So if the house is worth $160,000 and you have $145,000 as a balance on the mortgage, the equity would be $15,000. Many schools also do not count a certain %age of home equity in their financial aid calculations.</p>
<p>Congratulations on your family’s new home ownership. That is very exciting for them. </p>
<p>If there is little or no equity in the house…it really won’t affect your financial aid in a huge way for Profile schools.</p>
<p>It will not affect FAFSA only schools AT ALL.</p>