? Where did I ever say to do that. I always clearly stated that I would not want to do anything illegal.
EVERYONE who files a FAFSA is able to take out a federally funded loan. But you have to be a citizen or green card holder to do so…and you are not.
That loan is $5500 for first year students.
I have to ask…do you REALLY think someone with $1.3 million in assets should be getting need based aid? Really??
Can you really blame someone for asking? 
It would seem that you, and by extension your parents, are engaging in some arithmetical gymnastics in order to be “poor” for the purpose of extracting financial aid from US schools while sitting on a $1.3 million dollar home.
Several times here I see stories from kids who are just now learning about their parents’ finances because of applying for financial aid. They always assumed that their parents were on top of things until they start turning over the rocks. For example, your parents could sell the house for $1.3 million, send you to Harvard for full fee, and still retain enough assets double their annual income through prudent investments so they will no longer eat government cheese.
I mean the government cheese was a long time ago, and it was from my grandparents. My parents didn’t really take care of me when I was young.
I will be totally honest, the only reason I asked about aid was because my parents said I could keep whatever was left from the money that they will give me for college (I am pretty positive my grandparents already have money saved up for me as a gift, they are cheapskates but pretty rich). Idk if that makes me a bad person.
They probably won’t sell it (in fact, since they are moving back to China after me and my brother go to college, it is a lot more likely they will sell the house in the US).
Not to beat a dead horse about finances, and off topic, but … Unless they can make a ton more money working in China than here they cannot afford to live in their house in China. But good luck on sorting it out.
Well, they have a couple hundred k in investments, large pensions, and the taxes aren’t as bad.
Anyways thanks for the advice
I think OP has come around to the realization he needs to report the value of the property. The discussion on US income tax on the rental property confused the issue. His parents aren’t citizens and the property is in China so I think the tax issue is moot.
For financial aid purposes, the value of the property must be reported. The income from a rental may or may not need to be reported. If so, an income statement showing revenue minus payments to the uncle could still be a net zero but the value of the property alone will likely preclude any aid.
OP, you don’t need to be looking at the FASFA EFC. You need to look at Net Price Calculators (NPC) on the websites of colleges that interest you.
Yep, for me (since I qualify for instate), the tuition for TAMU should be between 90-120k net price total for undergrad (TAMU says 27k per year on the upper end). My parents have more than enough (only reason I was asking was because I thought maybe I could get some more leftovers from my college money).
The IRS doesn’t need to know, because it’s not a U.S. federal income tax issue. If and when you complete financial aid forms (FAFSA and/or Profile), it is an issue. And the way your parent’s property in China becomes known is because you report it. It’s required. Not reporting it is fraud. That’s a crime.
And if you are a greencard holder at the time, under the current administration that could get you into a world of trouble.
@BelknapPoint @Snowball City
Yea I know, thanks for the advice anyways.
On an unrelated note, how do you @ tag someone who has a space in their name?
You can’t tag someone with a space in their name (I don’t believe the new software allows spaces so those would be posters who have been around for a while). Closing thread since the OP has their answer to the original question.