<p>Biiig problems. So, I filled out the FAFSA 4-caster and received an efc of about 70 thousand. Now, that estimate also happens to be my parents NET INCOME.</p>
<p>Maybe this isn't appropriate to divulge such information because of privacy issues and such, but I'm not exactly handing out my SSN... delete this if you deem it inappropriate ^^;</p>
<p>The underlying factor is that the farm which my family owns/lives on/relies on as single source of income has a net worth of approx. 1 mil.
This includes the land we live off of, which we need to produce... the cows owned also needed for this income. It's not like we can just sell off a portion of it to pay for college or otherwise, it'd affect our yearly income.</p>
<p>After you factor in living expenses, loans & otherwise taken out, we're in the hole 30 grand...</p>
<p>I ask you, is there any way I'll be able to afford a four year private college???</p>
<p>Below are examples of assets that are not reported:</p>
<pre><code>* Principal place of residence/family farm. Your parents' principal place of residence is not reported as an asset. Neither is their family farm if the farm is their principal place of residence and they "materially participated in the farm's operation."
<pre><code>A farm (including equipment, livestock, etc.) isn.t reported as an investment on the FAFSA if:
* it is the principal place of residence for the applicant and the applicant.s family, and
* the applicant (or parents of a dependent applicant) materially participated in the farming operation
</code></pre>
<p>Material participation is generally interepreted as meaning that more than half of the family's income is produced by the farming operation. However, unlike the small business exclusion, the family farm does not need to be controlled by the family in order for the portion owned by the family to be excluded.</p>
<p>A family farm that satisfies these requirements is excludable even if it is owned by a business such as a sole proprietorship, family partnership or S corporation.</p>
<p>Income from a family farm may be reported on Schedule F if the farm is not incorporated.
<p>Really? You don't report farm equity at all?</p>
<p>it's just on the page I was filling out it said this:</p>
<p>Investments do not include the home the student's parents live in; cash, savings and checking accounts; the value of life insurance and retirement plans (pension funds, annuities, noneducation IRAs, Keogh plans, etc.).</p>
<p>and, well, they didn't include farms on that list. I didn't know if farms would be considered homes...</p>
<p>I don't have a farm so can't speak from experience but that is how it reads to me. Double check the guidelines on FAFSA.edu. The first quote is from a government site.</p>
<p>However if you are thinking of private schools you may also have to complete css profile (for institutional aid) and I am not sure they will exclude the farm equity.</p>
<p>(Edit) Ahh... this makes sense. I found on a few sites that any farm-related asset, if it's on one you live off of, doesn't have to be reported.
Well, that's a reprieve ^_^</p>