"Fair Market Value"

[Credit Man]

My son is off to college in Sept. and we have started filling out all of the financial aid packets. Wow it is tedious!! One of the questions they ask is the "fair market value " of any timeshares. Does anyone have any idea how to figure that out for DVC?

We own 200 points at BWV and 100 points at VB.

Any help will be greatly appreciated.

 

[DVCconvert]

I'd consider going to the timeshare store website and finding the 3 listings most like what you own then average the prices. ie., 3 listings of 200 points at BWV and a 100 point contract at VB.

HTH

 

[Brian Noble]

Except those are asking prices, not selling prices.

It might work better to look at the ROFR thread, and see what prices sales are closing at.

 

[Donna M]

And then after you have completed the FAFSA form and get hopeful that you'll get something, you'll find out you make too much! So frustrating! I need a vacation!

 

[dizney4us]

Do you really have to list it? It is not really a "time share", it is 50 years of prepaid vacations? It has an end date, unlike a traditional time share that last forever.

 

[y2khardtop]

I don't know about you, but I got a Deed when I purchased, and I deduct the property tax on my IRS forms, so I think it definetly counts.

I'm all for simplicity, take the purchase price and divide years left/50.

 

[Dean]

Do you really have to list it? It is not really a "time share", it is 50 years of prepaid vacations? It has an end date, unlike a traditional time share that last forever.

Technically it's an asset and as the FAFSA paperwork reads, you'd have to list it. That said, some do and some don't. I doubt it'd make much different either way.

 

[Dizny Dad]

I loved this part of the FAFSA . . . . .

"If you make more than $1 million per year, just fill in $999,999"

Now really, if you made more than $1 million, would you be filling in that form?

I didn't use any 9s in the boxes I used . . . .

 

[Sandisw]

I loved this part of the FAFSA . . . . .

"If you make more than $1 million per year, just fill in $999,999"

Now really, if you made more than $1 million, would you be filling in that form?

I didn't use any 9s in the boxes I used . . . .

Too funny!!!

 

[keishashadow]

Technically it's an asset and as the FAFSA paperwork reads, you'd have to list it. That said, some do and some don't. I doubt it'd make much different either way.

for us it didn't

the forms are akin to a slap upside the head, realizing where you stand Once the family contribution is determined, we've been warned it's very difficult to obtain student loans in this enviornment.

 

[HsvTeacher]

for us it didn't

the forms are akin to a slap upside the head, realizing where you stand Once the family contribution is determined, we've been warned it's very difficult to obtain student loans in this enviornment.

What did you mean by the bolded part? (I'm confused!)

 

[Brian Noble]

Credit markets are tight---where it once might be relatively easy to get an educational loan, it has gotten more difficult in general, because lenders have become very risk-averse.

 

[keishashadow]

What did you mean by the bolded part? (I'm confused!)

guidance counselors & rep from penn state have stated in financial aid seminar in Dec i attended that the loans are very tight.

lenders are typically looking for parents to take out the loans vs the student. Even the avenue of a home equity line seems to be drying up (so many lenders aren't offering what is basically a 2nd mortgage or reducing the existing line of credit despite great credit scores, even if the home value hasn't diminished).

a few colleges my youngest has looked @ do offer guarantees as to meeting the financial need determined by FAFSA...$ amount needed after parental & student expected contributions...admissions reps state their endowments are shrinking too and they probably will cut back on what they can offer as they have to cover those in school already 1st.

i believe the federal grants are still in place? I only know of 1 person who was eligible for them out of my friends and she is a single parent w/deadbeat for spouse)finally, he's of some value). She told me the cutoff was earning less than $40K for her (w/2 kids in college) & even she has an expected contribution of couple thousand $s

 

[whitfamily]

You also have to realize its a school-by-school basis for figuring this all out. I just started grad school last fall and my EFC for myself was over $20,000/year... Tuition for the entire two-year program is only $22,000.

Anyways, I did not apply for aide until August 1st and got a subsidized student loan to cover my entire tuition bill and supplies.

Always apply. Each school has different capabilities and will offer different options based on their own resources.

And I would declare DVC as an asset. They can look up your name and you'll pop on the deed list.