<p>So, our house had been on the market for a long time until we closed on it last week. All our FAFSA/CSS paperwork was filed when we still owned the house. We now rent a house. My child's FA offers are all based on the info that shows we own a house. Would it be to my FA advantage to refile everything to reflect that we no longer own a property? Our rent is less than our mortgage had been by about 28%.</p>
<p>The FAFSA was filled out to reflect the status at that time - so you should not change the information. If you got money out of the house (cash in bank) your EFC would be larger based on those liquid assets since FAFSA does not count home equity. Do you plan on buying a new house? If you do I would recommend you do so before next years FAFSA so the assets will be in home equity and not counted on FAFSA.</p>
<p>^^
Thanks for the info. We broke even on the sale, and happy about that–it’s rare in our area! No impending plans to buy–prices will still fall for two years, I’m sure, so we’ll wait. I think I’ll hold pat on the CSS. FA offers are OK enough so far.</p>
<p>Your FAFSA EFC wasn’t different based on the fact that you owned a home. FAFSA doesn’t take into acct the primary home…at all.</p>
<p>As for CSS…it is what it is…or was…lol. It’s based on what your situation was at the time you filed.</p>