<p>Hey, so I'm applying to top schools that meet full need (bowdoin brown etc.)</p>
<p>I live with my disabled single mom on child support and disability from my father, around 14k per year but no actual income. My non-custodial father makes 66k per year and that leaves a 5k EFC. He, however, is remarried. My step-mom has no income, and lives pretty much off what my father makes as well. However, she owns a home. The home is completely in her name, my father has NO claim to that house. She will not let him, for fear of my mom trying to pursue the home if he were to die. I do not know what the equity on her home is, but I know that it is about a 500 thousand dollar home and that they are still paying for it.</p>
<p>My father pays on the mortgage of that house even though he does not own it. Technically that means he rents it from her?Because he is not a home owner. I'm confused as to how top colleges will look at the equity of a non-custodial step-parent.</p>
<p>I'm not in contact with my father and have not seen/talked to him in 6 years, so I have no way of figuring out the equity of that home. I only know from recent court cases between him and my mother that my step mom's home is not owned jointly with my father but that he pays on it. </p>
<p>It isn't my father's asset, it's his wife's. Obviously my mom doesn't own a home, we live in government housing. My father is 60 and close to retirement, I believe.</p>
<p>I've read about that different colleges look at equity differently, but that was for custodial parents/ not non-custodial step parents</p>
<p>Your stepmom’s income and assets have to be reported. It doesn’t matter whether or not your dad is named on the asset. While stepmom has no income, she does have an asset, and it must be reported. I am guessing it won’t make a whole lot of difference in your case, though, depending on the school. Just report it & let the aid packages fall where they may.</p>
<p>If your dad is your non-custodial parent…meaning you do not live with him…his financial info will not be used at all on the FAFSA. BUT…for the CSS Profile, your dad will likely have to complete the non-custodial parent Profile and all income and assets for both he and his wife are REQUIRED. It does not matter if your dads name is on that house at all. It MUST be listed on that NCP Profile if his spouse owns it.</p>
<p>Okay. Depending on how much of the equity the school looks at (some look at 1.2x income, 2.4x income, all equity) it can make a difference between 5k a year and 24k a year. So that’s a lot more loans because he isn’t paying anything…</p>
<p>Well, legally I’ll be getting 9 thousand a year in child support which he is required to pay me all 4 years of college due to my parent’s divorce decree. So that will cover a lot. Depending on the college, I’ll either be paying 5-24k a year in loans total, with 9 thousand coming from the child support. If the college doesn’t look at home equity or only looks at it up to 2x my parents income, (of which I’m applying to colby, wesleyan, vassar, brown, and haverford) I should be able to cover everything with just the child support.</p>
<p>But some of my schools will look at the full equity, and I guess I just can’t go to them if I get accepted. Shame that I already applied to them!</p>
<p>I think I have it covered, if not I’ll take out federal loans first, as many of my schools are loan free for people as poor as me. If not, I don’t know who will cosign them. I just hope to get into one of those 5 schools!</p>
<p>@Globular - most of this is unpredictable. I hope you applied to an in-state public school / honors college as financial safety, and if not, maybe there is still time. Huge difference between $5k and $24k per year in loans.</p>
<p>Yes I applied to oregon state honors college, just in case! I didn’t even think of the equity until a few days ago, and so I had thought I’d be going for free. :l oh well and Grinnell, one of my safety schools, doesn’t look at equity from what I can tell. And they meet full need, and I’d be happy there. Hell, I’d be happy anywhere being the first person in my family to go to college.</p>
<p>Will the support payments be paid to you or your mom? It will most likely still be paid to your mom and not directly to you. If it is paid to her, she does not have to apply it all to college (as her EFC is already reflecting the child support payments and she still must maintain a home for you).</p>
<p>Also keep in mind that your support payments will be done in increments (weekly, biweekly or monthly) depending on how it is being paid now to your mom. So it is not that you will have a lump sum of $9,000 o$ even 2 $4500 to make to the college.</p>
<p>When I turn 18, 2 months into my freshman year of college, it legally gets transferred to me. My brother attended a state school for a year before dropping out, so I know that from experience. </p>
<p>Yeah, I know, I’m not sure how I’ll figure that out… I’ll have to talk to the financial aid offices of the schools I get into. Hopefully they won’t care too much as long as they can take all my money :(</p>
<p>Edit: hamilton also doesn’t look at equity Seems like it will only affect Bowdoin. Shame that bowdoin as my top choice >.<</p>
<p>The downside is that next year, the 9k in child support will have to be reported as income on the FAFSA on your side, which means your EFC will go up :(</p>
<p>Oh yeah. Hmm… Shoot thanks for telling me that! I didn’t think of that… I’ll see what I can do about it. Ahh the stress</p>
<p>Thanks people :)</p>
<p>There has to be a way around that… I mean, otherwise the colleges will count that 9k twice. Because it can’t be my father’s income and mine alike. We don’t both make that money, only he does and it goes to me. Maybe it gets reported as child support on the NCP pofile? Arrrrrgh time to talk to my wonderful counselor</p>
<p>The fact that he does pay child support will be taken into consideration where his EFC is concerned. When your mom files the FAFSA, the child support and any alimony she receives will have to be on the FAFSA</p>
<p>Okay, at least for this year then that won’t make any difference, as it totals to about 14500 a year. I’m sure that’ll leave her with a 0 EFC from the fafsa, and I’ll definitely be eligible for a full pell grant. Anyways my eyes have been open and now I know just how much my financial aid packages will vary in March :/</p>
<p>I hope I get into Grinnell or Hamilton, as they don’t look at equity and I love both of them and could afford 5k a year :)</p>
Seems like it will only affect Bowdoin. Shame that bowdoin as my top choice >.<</p>