Do I need to complete Fafsa or CSS profile?
I have one child who is a senior in WA and wants go to West Coast schools, most likely UC schools major in nursing-BSN.
34 ACT, 2120 SAT(old), 4.0(GPA-UW)
We do not have a savings account. We don't have retirement account.
I make 24K a year and my wife doesn't work.
Our primary residence has no mortgage and we have a couple of rental properties.
First rental has no mortgage and second rental has $300K mortgage (approx).
Basically we pay the mortgage on the 2nd rental AND live off on rental income monthly generated. We do not have an extravagant life style. We don't dine out or even go out to theaters. We can't even afford vacation in Hawaii. The rental properties are our life savings for retirement.
Beginning of the year, I ran a NPCs on some of the colleges. But due to high asset, my child does not qualify for financially assistance. If, its a BIG IF, gets accepted by one of the choice school, we'll have to sell the one of the property for the 4 year tuition. That said, is there still a need or even worth to complete the FAFSA or CSS Profile? And if I do, should I low-balling the market price of the rental prices(even though it sounds unethical)?
Thank you in advance for your insight.
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