<p>While this is my 5th year filing the FAFSA, this is my 1st filing the Profile. Daughter's private college was FAFSA only. I've called College Board with several profile questions already, but as it's the weekend they're closed and the help doesn't answer my question. So I thought I'd see if anyone knew the answer. In the spring of 07, due to a catastrophic medical event, our family's income level took an extreme downturn (so much so, I seriously considered sending my youngest to live with my brother's family). Things are not quite that dire now, but only just barely. Thankfully son's stats are good enough for decent merit aid at most schools, but he'll need, need-based aid on top of that. </p>
<p>One of the things I did winter of 07, was to sell our home (right before the real estate market tanked). After the mortgage was paid off, we hadn't lived there that long, I was left with enough to build a very modest house (around 1500 SF) on nearly ten acres given to me by my father, after my mom passed away. There is no mortgage on the land or home, the proceeds from the sale completely funded the house. Of course I have property taxes and insurance. I receive two property tax statements on the property, one for the house and 1 acre which is taxed at the residential rate and one for the other 8.95 acres which receives an agricultural exemption (at some point before 2018, I'll have to sell some timber off the land to keep the exemption). There is no way to realistically sell the 8 acres while retaining access to the home which is at the back end of the property. The deed is recorded as one tract at the county and the whole tract is listed on the homeowner's policy as one, it's only for property tax purposes the property is split on paper. </p>
<p>Is the 8 acres considered real estate other than the home for Profile purposes? It's market value would be very low, not pasture, no utilities etc... I included everything under current market value of your parent's home, but now I'm wondering if that's correct. Any thoughts?</p>