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ncamy_gw

Cash for house and college financial aid

ncamy
13 years ago

It was suggested on another forum that I post this question here. I would appreciate any advice you can give me.

Since my DH and I both work for NC public schools (which has one of the lowest teacher salaries nationwide,) we clearly qualify for the highest level of financial aid for our daughter who will be entering college in a year and a half. However...when we sell our house we will have a considerable amount of cash on hand which will of course need to go to the new build or to the purchase of a replacement resident. We are actually taking a loss on the sale, but we had lived in the old house long enough that it was mostly paid off. Has anyone had experience or have an idea of how this cash on hand is going to affect our financial aid? Not selling is not an option as we now work and live three hours away in a different county. Unfortunately our crystal ball did not foresee that it would take us three years to sell our house, and we did not expect to be in this situation during her senior year.

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