If you or a dependent is planning to head off to college soon, it may be time to exit your timeshare. Any equity that you own in the property can affect your ability to obtain financial aid for college. Before filling out the Free Application for Federal Student Aid (FAFSA), know how a timeshare affects the application and how you can avoid any issues.

How Does a Timeshare Affect the Application?

The FAFSA conducts a need analysis to determine how much financial aid to provide. They look at factors such as income, debt, and assets. The timeshare must be reported on the application—in the value of the amount you could reasonably expect to receive when you exit it. They view the timeshare as an investment, which means that this property is treated more harshly in the analysis than business assets. Any equity that you hold in the property is viewed as real estate equity.

What Should You Do About It?

If you want to qualify for more federal financial aid, it’s best not to own a timeshare when you apply. Find a dependable buyer to give you fair market value for the share. You won’t have to claim it as an investment on the FAFSA, and you’ll have some extra cash to compensate for any college expenses that won’t be covered under financial aid.

Timeshare Selling Team makes it easy to arrange a quick and rewarding timeshare exit. This company is based in Ballwin, MO, and will coordinate your sale with a 100% satisfaction guarantee. They use proven, effective strategies to recover your investment in the timeshare industry. If you purchased a timeshare within the last 10 days, they may be able to help you take advantage of your right to rescission. Visit them online to learn more about your exit options, or call (855) 444-9360 to speak with a representative.