<p>Hi, my family has low income. (less than 25,000 annually) However our house is worth about $190,000 because we bought it before hard times fell on us about 10 years ago. Also, my mother owns a business. She is the sole owner, and it is worth about $16,000. This was bought about 14 years ago.
Now, we still live in the same house in the same affluent neighborhood. However, it is tough getting by, but we do not want to move because we feel very comfortable and safe here and all of our family is here.
Would these high assets despite the low income severely affect my Questbridge Application? </p>
<p>Thank you so much for your time! I really appreciate it!</p>
<p>Include this information in the “additional information” section. If you decide to pursue match it could cause problems by raising your EFC…</p>
<p>I agree with ArtsyGirl13, you do have a chance of getting QB because your family is low income, however, your assets might hinder getting a match. I would recommend you explain your situation in detail in the “additional information” section as well as talk about the transition in one of your college essays to ensure the college committees understand your situation. Nonetheless, you should still apply and try your best to see what happens! Good luck(:</p>
<p>Thank you both of you! Do the assets not affect getting the National College Match Finalist, or is it just less of a factor than in the actual Match? </p>
<p>I can’t really say but I have seen some people on CC who believed their assets led them to not being selected for NCM. The only thing I can really say is to explain your situation well so that the readers understand your situation in its entirety but also be truthful with your application and make sure it truly expresses who you are as a person. Best of luck! (:</p>
<p>@Anonymouse1225 - Do your parents own their home outright or are they still paying a mortgage? If so, how much equity do they have in their home? If their equity is negligible, it won’t be much of a factor. Having a home, mortgage and some equity will not affect your EFC for most schools. It definitely will not affect your EFC on FAFSA. Home equity is NOT taken into consideration on FAFSA. Having said that, most of the QB partner schools require much more extensive financial aid forms. On this form you will have to list all of your parent’s assets. Is your mom’s income from the business included in the $25,000? Are the assets of her business valued at $16,000? Be aware that some schools add back in business expenses to your income. So, if your mom deducted say $10k in business expenses from her gross income, they may add back in a portion of those deductions when calculating your EFC. Having your own business makes calculating an EFC a little trickier than straightforward W2 earnings. I will tell you that I am self employed, well within the QB earnings range, have about $80k equity in my home and a decent 401k balance. My son was not chosen as a finalist. However, our EFC at a QB partner school is 0. If you have more specific questions, I would be happy to answer them in a pm.</p>
<p>@momofmusician17 I’m not sure what equity is. Could you explain it to me?
When I tried to google search it, I got even more confused lol.</p>
<p>Thanks to both of you for the replies! I really appreciate it! :)</p>
<p>@Anonymouse1225. Equity is the difference between what you owe on your house and what it is worth. For example, if my home is worth $300,000 and I still owe $230,000 on the mortgage, then I have $70,000 worth of equity in my home. </p>