Parent's Assets in CSS Profile

Paying for College
1

How much of an impact will house assets affect the amount of aid you receive?

My family is on the verge of being evicted from our home for we have failed to properly make our house payments for nearly 2 years. Because of the fact that we have failed to make payments, my parent’s tax return statements (I think thats what these are called? Like Form 1040) do not mention our house payments.

My family bought our home when their business was very successful, but now we are unable to afford the home at all…

Because of the fact that we are on the verge of being evicted, my parents are a bit reluctant to input the fact that we own a home onto the CSS Profile… and they’re afraid that this will impact the amount of aid I need greatly.

Do I still put this information down onto the CSS Profile, and just explain our situation in the extra information area?
How much will my slightly costly home impact the amount of aid I need? (My family’s income and everything else is extremely low with an exception of the cost of our house…)

Thank you!

2

Your house payments would not be on your taxes. What would be would be any interest and property taxes you take as deductions. But since you didn’t pay any of those things…they can’t be on your tax return either.

With regard to the Profile…I think you need to list it on the Profile. It sounds like you probably don’t have much equity in this house…equity is what the schools would use.

And as mentioned…put something about the foreclosure in the extra notes…but only if you have documentation to prove this is happening.

3

Every Profile school treats the home equity value (house current market value-mortgage balance) differently. It will be hard for anybody to gave you an accurate answer.

Unfortunately, you are required to provide this information if you want FA at a Profile school. It is not optional. Otherwise it is fraud.