<p>One of my children will graduate in Dec. 2013. I have finished FAFSA and Profiles for 2013-14, and included a note that she plans on attending only fall semester.</p>
<p>If I were to sell my house this summer, I would let the school know.</p>
<p>Would the proceeds of the sale affect financial aid for fall 2013?</p>
<p>Financial aid for the school year 2013-2014 is based on your income and assets in 2012. You don’t need to report anything that happens in 2013.</p>
<p>I’ve told them of financial disasters in the year that aid is targeting, so I would probably tell them that I sold the house, right? I mean, when there is a change in circumstance either way, don’t most people tell the FA office?</p>
<p>The FAFSA is a snapshot on the particular day it is filed.</p>
<p>You are not obligated to tell a school of changed circumstances, either good or bad.</p>
<p>Most people tell a school of bad changes because it will negatively affect their ability to pay this year.</p>
<p>If you feel obligated to tell the school about an improvement, go ahead, but don’t be surprised if it reduced your aid.</p>
<p>If you feel you must tell them, why not just wait a few more months to sell your house?</p>
<p>The rules are clear. Assets are reported the day of the initial filing of the FAFSA and Profile. You have done that. Asset amounts can’t be changed after the initial filing…even if they increase.</p>
<p>Just remember that if you are filing financial aid application forms for 2014-2015, next year, any proceeds from the sale of your house WILL be included as assets. </p>
<p>Many people planning to sell homes wait to do so until after the financial aid paperwork is done. Then they make sure they have reinvested the money before the next batch of forms is required.</p>
<p>My child will graduate in Dec. 2013. I would prefer not to wait to sell the house, basically because I am running out of money after my spouse had a stroke and I cannot find work. I understand the rules, but I did let them know about the stroke one spring and that helped with aid for the following fall. I’ll think about it. Thanks all.</p>
<p>Compmom, presumably your FAFSA and Profile have already been SENT. You reported your assets as of that day.</p>
<p>You can sell your house, if you can, and not worry about the assets on these forms…unless you need to complete a FAFSA/Profile next year and the money is still in your accounts!</p>