# Will owning a house mess up my financial aid? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [August 10, 2010, 8:55pm UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954 "2010-08-10T20:55:28Z")\ **Posts on this page:** 11\ **Page:** 1
**Author:** ![travisn](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/travisn/32/5046_2.png) [@travisn](https://forums.speedlife.net/u/travisn)\ **Post date:** [August 10, 2010, 8:55pm UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/1 "2010-08-10T20:55:28Z")
I _really_ plan on buying a duplex next summer but I am worried that it will ruin my financial aid leaving me f’ed for RIT. from the FAFSA: _Assets:_ Student’s Total of Cash, Savings, and Checking Accounts: ![https://fafsa.ed.gov/fotw1011/images/sa_row_separator.gif](https://fafsa.ed.gov/fotw1011/images/sa_row_separator.gif) Student’s Net Worth of Current Investments: ![https://fafsa.ed.gov/fotw1011/images/sa_row_separator.gif](https://fafsa.ed.gov/fotw1011/images/sa_row_separator.gif) Student’s Net Worth of Businesses/Investment Farms: There has to be a way to make it work without totally lying. I can’t fathom spending $30k+ on rent in the next 5 years when I can buy a house and actually make money or at least live for free. This is the first year I have even qualified for actual aid, but I don’t want to ruin my ability to take out federal loans either. I’m not sure how all this works but there has to be someone somewhere who does. Ideas/links/help? I would really prefer to speak with someone on a personal basis as there are details about my situation I will not make public here. Something along the lines of a financial adviser. If need be I will pay for the correct service and guidance. This is a very important situation that will effect the rest of my life and I want to do it right. Thanks ---
**Author:** ![Freek](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/freek/32/7357_2.png) [@Freek](https://forums.speedlife.net/u/Freek)\ **Post date:** [August 10, 2010, 10:08pm UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/2 "2010-08-10T22:08:33Z")
I’m not a pro but I’d say keep your money burred in the back yard until you’re done with school. That is if you want to keep getting financial aid. Just save up as much as possible and put that much more down in cash when you do want to buy a house and done with school. The more you have/make the more they take away. ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [August 10, 2010, 10:22pm UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/3 "2010-08-10T22:22:40Z")
On my FAFSA it said that section was optional. So ummm it doesn’t change what I get. ---
**Author:** ![travisn](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/travisn/32/5046_2.png) [@travisn](https://forums.speedlife.net/u/travisn)\ **Post date:** [August 11, 2010, 6:35am UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/4 "2010-08-11T06:35:46Z")
> [@Freek](#): > > I’m not a pro but I’d say keep your money burred in the back yard until you’re done with school. That is if you want to keep getting financial aid. Just save up as much as possible and put that much more down in cash when you do want to buy a house and done with school. > The more you have/make the more they take away. Yea thats kind of what I am thinking, but 600_12_5= $36000 spent on rent that I will never get back. Ugh, there has to be a way. I was thinking of trying to find a non capitol investor who would like a tax write off for a few years but thats super risky since my name wouldnt be on the deed or mortgage. Of course there would be a contract of some sorts written up but even still… > [@cougarspeed](#): > > On my FAFSA it said that section was optional. So ummm it doesn’t change what I get. Can you find that anywhere for sure? I would love for that to be true but I have a feeling its like taxes, you can lie all you want until someone decides to ask about it… ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [August 11, 2010, 6:48am UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/5 "2010-08-11T06:48:34Z")
You’ll be fine. I covered my entire MBA with FAFSA loans. Are you going to try to get a mortgage with a part time income? ---
**Author:** ![Xander](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/xander/32/7597_2.png) [@Xander](https://forums.speedlife.net/u/Xander)\ **Post date:** [August 11, 2010, 7:11am UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/6 "2010-08-11T07:11:20Z")
Is financial aid for those that need it, or just those that want it and qualify? X… ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [August 11, 2010, 9:05am UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/7 "2010-08-11T09:05:12Z")
Its for those who want it and qualify. I will never be too high and mighty to take what is offered to me. Travis I don’t know what it looks like for you but when I fill out my FAFSA and it comes to that section the page just says it is optional for me to fill it out. So I don’t. Not that it matters since I don’t qualify anymore. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [August 11, 2010, 9:18am UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/8 "2010-08-11T09:18:53Z")
put the house in a family member’s name? ---
**Author:** ![ProgRocker](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/progrocker/32/5434_2.png) [@ProgRocker](https://forums.speedlife.net/u/ProgRocker)\ **Post date:** [August 11, 2010, 9:20am UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/9 "2010-08-11T09:20:12Z")
> [@cougarspeed](#): > > Its for those who want it and qualify. I will never be too high and mighty to take what is offered to me. > > Travis I don’t know what it looks like for you but when I fill out my FAFSA and it comes to that section the page just says it is optional for me to fill it out. So I don’t. Not that it matters since I don’t qualify anymore. Yeah…less money you have to pay for school…You’d be stupid not to take it. You should be talking to your financial aid councilor about this. It all depends on certain situations. In some cases you can move out and be living on your own but your still a dependent of your parents. Talk to financial aid at school. ---
**Author:** ![travisn](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/travisn/32/5046_2.png) [@travisn](https://forums.speedlife.net/u/travisn)\ **Post date:** [August 11, 2010, 11:20am UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/10 "2010-08-11T11:20:49Z")
> [@theblue](#): > > put the house in a family member’s name? My dad doesn’t want the hassle and I couldn’t ask anyone else. Nothing is happening until next July anyways I just have been thinking about it a lot these days. ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [August 11, 2010, 11:23am UTC](https://forums.speedlife.net/t/will-owning-a-house-mess-up-my-financial-aid/158954/11 "2010-08-11T11:23:32Z")
Just go sit down with the financial aid office people. I am sure they can give you an answer really quick.