skimble
TUG Member
How do I determine an agreeable net worth for my timeshares? I need to claim this for FAFSA for my son to qualify for financial aid for college.
That's just it... I would list them as having $1 value, but there is no place to itemize. It's just a open-ended question about net-worth.
So, I included them all as having zero value.
You're supposed to value your assets
https://fafsa.ed.gov/help/assetnetworth.htm
For most government purposes, timeshares are assets. We at TUG tend to value them differently, more like we value gym memberships, but on paper they are usually technically assets.
even CBI?
I think all together they're worth at least $5k.
FAFSA what a PITA! Good luck. Sorry to be a downer. But it is so futile to apply for Financial Aid for college these days. But it is one of those necessary evils in life.
Death, Taxes, FAFSA
While my daughters didn't get financial aid they did need the FAFSA for student loans.
Were they the Federal Guaranteed loans?
Were they the Federal Guaranteed loans?
There are subsidized and unsubsidized student loans https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized
or more because of the unit and time of year....
But... I could go to Ebay and purchase week 41 for $1.
You're supposed to value your assets
https://fafsa.ed.gov/help/assetnetworth.htm
For most government purposes, timeshares are assets. We at TUG tend to value them differently, more like we value gym memberships, but on paper they are usually technically assets.
OK... I know this is out of the realm of the timeshare talk a bit....
but this link (very helpful) says I need to include real estate, cash, investments, etc as assets. We do not need to include our retirement and our home.
We got an inheritance last year which included a condo, being lived in by a family member who is simply paying the mortgage until he gets back on his feet. This condo is a big part of our retirement plan. Is FAFSA going to look at this $150k asset and count it against my son's eligibility?
Second homes absolutely DO count as an asset. Whether you consider it retirement or not is immaterial. Market value less debt less selling expenses.
http://www.thecollegesolution.com/8-financial-aid-mistakes-to-avoid/
Finally, I'm a bit curious: When you pass a certain limit, the FAFSA values for financial aid have little effect on further eligibility unless you have a lot of kids in school or other special circumstances. Have you run any of the calculators to see your position? Just change the numbers in the boxes and see if it makes a difference. I did. No movement at all. Everybody's situation is different of course.
Know this: Universities do not have the same rules/considerations that FAFSA has. For the purpose of financial aid (and any other benefits) the rules can be very different (and usually are). I would spend more effort on finding good loans (if that's your goal) outside of FAFSA via student aid at the university etc...
Frankly, if you have a second home, timeshares, live in Cali etc... you're probably a hair above the marginal threshold. Of course, I know nothing about your circumstances.
Good luck
I do not make a lot of money... I'm a teacher, sole income earner for my household. I've managed money fairly well-- much like the timeshare game.
Value the TS as nothing. I highly doubt you would be questioned on that. As for all this other fafsa discussion. .. unless they are getting a degree in an employable field (trade of some type such as accounting, dr, plumber electrician ).. getting loans is a bad idea. . (Just the opinion of someone who has seen one too many marketing major earning 30 to 40k per year with over 50k in loans).
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That's easy to say. But do you have any other viable ways of financing a college education?