<p>Hey guys, I was just wondering if universities such as Suny Albany would reject people for the Eop program just because their family owns a house or other kind of properties?
The thing is my family owns a house but we have not yet finish paying our mortgage and won't for another good 10 or so years. Our income from work does not exceed over the Eop guidelines but with the rent we receive from tenants it does, but the thing is about 60% of my family's income goes to paying this mortgage.
Will a university like UAlbany reconsider or do you think it will be a automatic rejection?
UAlbany has found me academically eligible already, so now there asking me to fill out this financial form which is making me nervous and looking for some quick answers.
Thanks for any answers</p>
<p>I don’t know how EOP applications work, but for FAFSA assets like rental property are reported at their NET asset value (market value minus debt). Rental income is similarly reported (gross receipts minus expenses). Be careful with net asset value - prices on properties are low right now, so make sure you’re reporting what you could sell the house for today and factor in any selling costs and necessary repairs as well as the mortgage payoff costs.
My guess is that if your total family income doesn’t exceed guidelines, the source will probably not make a difference. If it does, you may not be eligible for EOP but may offer you other aid that will meet your financial need.</p>
<p>Thanks Sk8rmom. If anyone else has any more information it will be greatly appreciated. THanks =]</p>