<p>Basically, (Barring major medical issues or unusual circumstances) colleges don’t give a flip about outgoing money. All they care about are A)INCOME (very important- you contribute 25% or more of this -depending on many variables and cost of college) and B)Assets (less important - you only only contribute about 5.6% of these.) Usually only colleges that take the PROFILE will count your primary residence as an asset.
Of course lots of exceptions, but basically they only care about incoming money - not at all about your outgoing money.</p>