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do factors such as monthly payments on mortgage and other debts come into factor in the financial aid package you get? because on websites with calculators I have been unable to see the effect of outstanding debt on my EFC

By Emeraldkity4 (Emeraldkity4) on Thursday, August 28, 2003 - 01:45 am: Edit

Not as far as I have noticed , however some schools are more flexible than others so they may take special circumstances into consideration.
BUt pretty much no, for example I live in a really spendy area, housing everything is high- but cost of living allowance is averaged over whole state, not just the more expensive urban corridor.

By Momof2 (Momof2) on Thursday, August 28, 2003 - 10:16 am: Edit

When you fill out the actual financial aid forms, there are questions relating to the current value of your home and I believe the outstanding balance. While the home equity (current value less amount owed) is viewed as a parental asset - the schools can also make a fairly accurate assessment of your monthly mortgage payment. They should be able to index/compare your payment to the average cost of living for your area.

As far as other outstanding debts, we are all pretty much out of luck. HOWEVER, IF the family is paying down prior educational loans or large medical expenses, it would certainly be wise to mention it in the Comment section and by a separate letter addressed to the Finaid office.