Financial Aid and Owning Land I Don't Live On

[Tsukiyo]

I'm a low income student that's married, and my husband and I live off of student loan money. Sometimes we find part-time work, but it hardly amounts to much.

I'm getting ready to put in my med school apps, but my husband just got news that could mess up my low income status. His parents want to put the deed of his father's land in his and his sister's name. The land is worth $150,000. (Our "half" is $75k)

The problem is, I'm worried that financial aid offices are going to take away my low income status. If it were up to me, I'd have our half sold and the money put to student loan debt. If I got my own used car, we'd be left with maybe $5-20k, and that doesn't bother me. But I know my husband won't sell his half with his father being alive, plus his sister probably wouldn't want to sell either.

How badly is this going to affect me when applying to medical school?

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[ppfizenm]

I'm a low income student that's married, and my husband and I live off of student loan money. Sometimes we find part-time work, but it hardly amounts to much.

I'm getting ready to put in my med school apps, but my husband just got news that could mess up my low income status. His parents want to put the deed of his father's land in his and his sister's name. The land is worth $150,000. (Our "half" is $75k)

The problem is, I'm worried that financial aid offices are going to take away my low income status. If it were up to me, I'd have our half sold and the money put to student loan debt. If I got my own used car, we'd be left with maybe $5-20k, and that doesn't bother me. But I know my husband won't sell his half with his father being alive, plus his sister probably wouldn't want to sell either.

How badly is this going to affect me when applying to medical school?

If you trust the sister you could sell it to her for a dollar and get it back when you no longer need the financial aid.

 

[xXIDaShizIXx]

If you trust the sister you could sell it to her for a dollar and get it back when you no longer need the financial aid.

You could do this, but I never suggest doing this sort of thing. Not only is it dishonest, but things can go sour quickly for any reason.

 

[fizzgig]

i've wondered about that kinda thing too (since the need access in particular asks about everything you've ever earned or owned everrrrrr it seems). i dunno if anyone will have a real answer for you though. the fafsa doesn't ask for that info i thought? the need access asks for a much more detailed picture.

it depends on what schools you apply to as to what forms they get. and, once they have all of your dirty details, i figure each school has its own formula to decide what assets of yours (or your parents) are game for them to count towards what 'should be contributed' to med school (assuming we're talking about institutional aid). so even if all schools could see that 75k worth of land, i dunno which ones would actually count it into their formula or how. anyone know how it really works?

all that said i agree with the above if it would work - or even if the dad'd keep it a few more years (your spouse's parents aren't pinged for monies in this process i don't think).

 

[ppfizenm]

You could do this, but I never suggest doing this sort of thing. Not only is it dishonest, but things can go sour quickly for any reason.

Hey, it's legal. I do agree about the being careful of the relationship going south.

 

[xXIDaShizIXx]

Hey, it's legal. I do agree about the being careful of the relationship going south.

Really? I honestly didn't know, I just figured I would better be safe than sorry. But that is true, go right ahead OP!