My dad owns real estate but doesn’t really reap any benefits from it financially for the time being. Will each school I apply to require me to list this as an asset on financial aid?
It will have to be included on the FAFSA and the CSS profile. The property is an asset that could be sold and the proceeds used to pay for your education. That is an option that others applying for financial aid might not have.
Yes every school will need to know about the real estate.
Sell it, donate it (for the tax deduction), hang on to it for appreciation, lease it, borrow against it… lots of things you can do with a piece of real estate. Imagine how fewer your financial options would be if your dad DIDN’T own the real estate.
Yes, you have to report it. No, it may not be ‘screwing you over.’ The biggest influence on need based financial aid is income. Your family may be over the income limits for receiving much need based aid anyway. Most schools don’t have a lot of need based aid once you are over a certain EFC, and you might be there without the real estate anyway.
Or find an indigent person who will take over the title of the worthless piece of real estate.
Everyone wins.
OP didn’t say it was worthless, just that it wasn’t producing income or benefits at this time.
What the OP didn’t say was what deductions the parents are taking that make this property yield little profit.
To the OP…what is the value of these properties? How much do your parents own on them? Are they rental properties? If so, how much are the rents each month?
My parent said they were of little value and 2 of the 3 properties are rentals but my pops is pretty sketchy and I have no knowledge of how things work “on the books”, but I doubt he’s done anything organizational when it comes to reclassifying his real estate when it changes state (rental to non-rental and vice versa). I’ve talked to him and looked some stuff over since posting, I think I’ll be fine considering my situation is a one-parent one and this real estate isn’t of significant enough value to impact me too negatively.
The question you need your dad to answer is how much can he pay each year for 4 years toward your college education.
Is your other parent deceased?
Is your dad remarried?
@Madison85 My dad is not remarried and my mother isn’t deceased, just out of the picture.
Jcannon…if you apply to any colleges requiring the Profile, your mom’s info might be required (unless there is a huge extenuating circumstance regarding this). No need to comment here on this…just an FYI.
@thumper1 I’m aware lol, we have communication she just doesn’t provide any financial support
Right, so if you apply to other than FAFSA-only schools, it’s possible your mother will need to complete required financial information forms if you want school-based aid.
@madison85 even if she pays not child support or gives any financial assistance to my father?
It sounds like you have your sure thing school in UF with Bright Futures and what your dad can contribute. Is that correct?
Are you still applying to Questbridge?
@thumper1 I’m applying for questbridge college match and yeah UF and UCF with bright futures are my safety’s, the only other schools my dad could really afford would be out of state privates with great needs-based aid but those are all so difficult to get into
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YES! Your mother’s income will be needed and considered. And that will be the income of her and her spouse.