Does owning a home have a positive/negative impact on the amount of financial aid you receive?

Question

I was asked to send in a Property Tax Assesment (assessed value of the home), in order to complete my application. I'm just curious does owning a home hurt you when it comes to financial aid??

I've never been asked for this before.

Answer 1

Home equity does not get calculated on your Federal Aid Application (FAFSA). However, if you are looking for aid from a private source or institution, then home equity could be a factor.

If you make less than $50000, none of your assets will penalize your financial aid awards because you will qualify for the Simplified Test.