My husband lost his job last year during the pandemic bagan. Luckily he got a job in other state which is less pay. So we decided to rent out our only property and move. We use the rent to cover our rent and mortgage.
In our case, does our property count as an investment on FaFsa?
Will that affect my daughter’ financial aid?
You have to answer the FAFSA questions as your assets and income exist on the day you file (income has a look back period to the prior year’s tax return ). The rental house is an asset and the rent you receive is income.
You can always file a special circumstances appeal with the facts after your child is accepted at a college, explaining about the loss in income and the move. It most likely will affect her financial aid.
Whether or not it affects your aid depends on your personal situation & the school’s ability to meet need. It could make a difference, but it might not make a difference. I suggest calling the school to discuss your situation to see what effect it might have. In any case, you do have to list the house as an investment on the FAFSA.