<p>does anyone know if colleges take into account your parents' debt when applying for financial aid?</p>
<p>no, they do not.</p>
<p>But, after all, you are asked to state if your parents are indebted, and by how much. That would indicate that they look at it, wouldn't it?</p>
<p>you are not asked that question on the FAFSA (I don't know about the IM forms). The debt that might be factored in in the IM method (it doesn't factor in using the FAFSA) is the house mortgage. No other debt is reported.</p>
<p>It doesn't matter how much debt it is -- that was your parents decision and will not increase your elibibility for financial aid.</p>
<p>well that's a somewhat ridiculous point, but thanks</p>
<p>bringing up that voluntary spending is not considered in finaid isn't really ridiculous.
First income is considered- a small consideration to cost of living, some states may have a slightly larger allowance.
Some consideration to other dependents at home- more to other dependents in college at same time.
If debt is due to extraordinary circumstances, like funding for a liver transplant, or support of an elderly relative, that can be considered with documentation.
But noting that income will go down the next year, won't increase aid until it has actualy happened and you can verify it.
It is good to keep finaid offices in the loop, so go ahead and tell them about future changes in income, and if debt is due to something like being unemployed and living off of credit cards for a year, or you had your home washed away and so had to rebuild, they will seriously consider those expenses, but a huge mortgage, because they wanted to trade up, or big transportation expenses because everyone needs a car of their own- no</p>
<p>no... my dad went to UF and got married and ended up having kids, so he was working two jobs and going to school, but still somehow ended up at 60K+ in debt, which is about as much as both my parents make in a year combined.</p>
<p>I beleive there is a place on FAFSA or at least PROFILE that considers money already earmarked for education loans</p>
<p>not on the FAFSA (as far as I know). my husband has tons of student debt and i was told that it would have no bearing on my EFC. (I am in college right now). There may be a place on the profile, I don't know.</p>
<p>thanks a lot</p>
<p>I agree that unreimbursed med expenses (well documented) can & will be considered by most FAid offices. With regard to student debt, you can TRY to document that & raise it with the FAid office, but like hsmomstef says, it may not help (no harm in trying). Catastrophes that can be documented may also be considered, even if not directly in the EFC. The important thing is to document everything you can at one time & make an appointment with the FAid office to discuss your situation to see if any adjustments can be made. The sooner this is done, the more money they may have to help your situation BUT don't count on repeated visits to explain your situation, have it all prepared for the one visit (they're very busy folks too).</p>