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Since my parents now own a home and have finished paying it off will this affect my financial aid even though our household income is low?
Wiki User
∙ 15y ago
If you are completing the FAFSA, it ignores the value of the home in which you reside (but not any other homes owned since it considers them assets). Keep in mind that while the majority of schools use the FAFSA, there are other financial aid tests and some of them do consider the equity your parents have in their home as an asset.
Ask the schools that you are considering attending if they use the FAFSA to determine aid eligibility and then apply for aid early since many programs for lower income families run out of money and are awarded to eligible students on a first come, first served basis.
Wiki User
∙ 15y ago
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