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inherited a house, will this effect my financial aid

Discussion in 'Financial Aid' started by Fatima41200, Jan 3, 2009.

  1. Fatima41200

    Fatima41200 fdsaf
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    ggg
     
    #1 Fatima41200, Jan 3, 2009
    Last edited: Oct 13, 2016
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  3. gstrub

    gstrub Member
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    It won't effect your eligibility for Stafford loans at all. It may keep you from getting need-based grants or scholarships if the value of the house is considered as an asset in your EFC, but I am unsure if it is.
     
  4. TMP-SMX

    TMP-SMX Senior Member
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    Will this be your primary residence? If so, then it makes no difference I believe. I'm not sure how the taxes work into this though.
     
  5. Sol Rosenberg

    Sol Rosenberg Long Live the New Flesh!
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    Fatima41200,

    Sorry to hear about your loss. I agree with the previous posters that it won't affect your financial aid, and won't even enter into your EFC calculation if it is your primary residence.

    As far as taxes, assuming that the inheritance taxes will be paid by the estate, the only taxes that you will obviously be responsible for are the property taxes on the house. Normally, you can deduct these from your AGI, and that [lower] modified AGI would be used to figure your Federal (and likely state, if applicable) income tax, but that would only help you if you had an income. Unfortunately, property taxes are "below the line" deductions and do not affect the AGI that you report on your FAFSA. So, the bottom line is that your inheriting the house, to my knowledge, would have no significant effect on your financial aid.
     

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