Is it where your parents are living as you are filling the FAFSA application, or is there a specific deadline that says: wherever your parents are living by this date makes that home the home in which your parents live?
Thanks
Why don’t you tell us what your set of facts is, and you may get some better answers to help you figure it out.
@BelknapPoint
I live in a house right now (for rent), and have another empty house (which my parents own).
Since FAFSA does not count primary home residence, if I moved right now to the empty house, would that empty house still be counted towards my EFC?
If that does not work, where do I go to determine the value of the home? Do I just look it up online on Zillow or something?
You AND your oarents need to move back to,the house you own for that to be considered your primary residence.
Is this other property near where you rent? Why aren’t you living in the house you own? Why a rental?
We live in the rental home because of its proximity to the school. My parents can’t drive so living in the rental home allows me to walk to school every day.
Now, I can drive so that would not be an issue. If my parents and I both moved back (is there a specific deadline for this?), would the empty house still be counted towards my EFC when I fill out the FAFSA?
The residence as of the day of your FAFSA filing is your residence. Just be honest. If you are really going to do this…move lock stock and barrel back to the house.
But some questions. Do your parents have a lease in this apartment? If so…what is the penalty for breaking that?
You say they moved so you could walk to school? Was there no school transportation to the school…you know…a school bus?
I’m only asking because your story needs to make sense in case anyone questions it!
@thumper1
Not sure about the penalty, but eliminating the asset would probably benefit more than paying the penalty.
There is no school bus in my school district.
How do you prove (if you even need to) that you moved back before you filed your FAFSA?
Your parent or your tax return will have your address on it. It won’t match the address you list as your permanent address (the house), right? Someone could easily notice that…and wonder why. Is the house in the same school district?
Just be prepared. Make sure your family all changes driver’s licenses, utility bills, address at your school, voting records…in other words everything…to reflect your address.
@thumper1 Yes the house is in the same school district.
So what I have to do to prove that my new home is my primary residence is to change all the things you said and I should be fine?
You need to be actually living in that house. Be honest. No pretending. You and your family need to move back in if you intend to use that house as your primary residence. And remember…it says the home in which your PARENTS reside. They need to live there…not just you.
The primary residence for most freshmen in college is the primary address of their PARENTS.
I have to say…your story isn’t very good. why didn’t they sell,the house?
@thumper1
Because an elementary school was built right next to it this year so they figured it would be a good house to rent out later (similar to the rental home I live in right now which generates a decent amount of profit due to its proximity to the school).
Thanks so much. You were extremely helpful!
?
Are your parents renting the empty house out? or is it just sitting empty???
I’m probably not going to move there as CSS profile still wants primary home equity.
The person living there is about to leave so technically it will be empty in 1-2 weeks.
In June 2015 you posted this on another thread:
Based on the above, and the fact that Harvard’s NPC gave you a $50k/year result, I wouldn’t expect any need based aid from filing the FAFSA. You’d have to run the Net Price Calculators for other schools to get an estimate of what they’d expect you to pay, but your situation is pretty complicated so I’m not sure they’ll be accurate. I don’t know why your parents socked money away into an account they can’t access without incurring penalties. Do they really think colleges should give you need based aid when they have half a million dollars and own 2 rental properties besides? Make sure you have a financial safety lined up just in case the rest of the financial aid packages you get are more than your parents want to pay.
@austinmshauri That was a 401k retirement account (or something similar) so it doesn’t count in terms of assets.
And yes, thanks for the reminder, I have some financial safeties lined up such as Cal States which are pretty cheap.
So do you still own two homes?
@thumper1 Yeah my family does, although the equity is quite low (one is in Detroit and prices there are really low)
Now that I think about it, I probably won’t get any aid anywhere with that much in assets. Thanks a lot for your help, though.
If you’re living in it, then it’s presently not a rental home.
The hous where your parents reside is your primary residence.