summer Posted July 17, 2008 Share Posted July 17, 2008 Ok..here is the background. We basically inherited a house last year. It is in my husbands name (came from his side of the family, but in our state, what's his is mine). The house really is out of our price range and taxes are high here so the taxes and insurance are only a little less than our old house's mortgage and the utilities are so much higher that it more than makes up for the slightly lower price. To top it off, we have student loans ourselves from our own college educations (we met in college and had our oldest while still there). We will definitely still be paying on them when our older children get to college. Plus, we have 4 children, one with special needs. I am worried that because technically, we have property worth a fair amount, our children will not get financial aid. They cannot go to college without financial aid. We cannot afford to pay for it straight up. DH will never let us sell this house because he loves it and because of where it came from. I think it would really upset him to sell it. He won't even discuss it. I understand. But in the meantime, how will this affect our children's college education? Quote Link to comment Share on other sites More sharing options...
gardenschooler Posted July 18, 2008 Share Posted July 18, 2008 I thought you said your FIL set up a college fund for your kids. I don't know if you'll ever see a penny of it, though, considering your MIL stole your dh's college fund and accused you all of being on drugs. How great that they let him have a house! Did he inherit it from someone else on his side of the family? Quote Link to comment Share on other sites More sharing options...
BeckyFL Posted July 18, 2008 Share Posted July 18, 2008 nt Quote Link to comment Share on other sites More sharing options...
Renee in NC Posted July 18, 2008 Share Posted July 18, 2008 nt And if you don't live in it, sell it so that you will have money for your dc's college education - then you won't need financial aid. Quote Link to comment Share on other sites More sharing options...
summer Posted July 24, 2008 Author Share Posted July 24, 2008 I thought you said your FIL set up a college fund for your kids. I don't know if you'll ever see a penny of it, though, considering your MIL stole your dh's college fund and accused you all of being on drugs. How great that they let him have a house! Did he inherit it from someone else on his side of the family? My FIL said to set it up but he is disabled because of the stroke so MIL went along with it while it was being discussed, but then later, informed DH that she would not allow it to happen. I included all that in my previous post about it all. MIL never accused DH or I of being on drugs. Sorry that you have gotten some things confused. Quote Link to comment Share on other sites More sharing options...
Nestof3 Posted July 24, 2008 Share Posted July 24, 2008 Can't you sell the house given to you and then you'll have money for college? Also, your kids should be able to pay for the first 2 years of their own college if they go to a community college or do online for the first two years and then transfer. Quote Link to comment Share on other sites More sharing options...
Jean too Posted July 24, 2008 Share Posted July 24, 2008 Do you own one or two homes? You will be asked about the equity in the home you live in on the FAFSA form and you will be required to list any other real estate that you own. Quote Link to comment Share on other sites More sharing options...
Danestress Posted July 24, 2008 Share Posted July 24, 2008 I believe that is correct. Quote Link to comment Share on other sites More sharing options...
summer Posted July 24, 2008 Author Share Posted July 24, 2008 No, we sold our original home and only live in this one house. Thanks for the help. I did call one of the colleges that DDD is interested in (it is one family members have gone to anyway) and they said they take the things in to consideration that I have mentioned and I do not need to worry. So that is good. I will still worry, but we will see what happens then. I have just been worried since so many people have been posting lately about affording college and I looked over the website someone linked about considering financial aid and it brought up your house value and such. Quote Link to comment Share on other sites More sharing options...
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