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Wednesday, August 20, 2008

Divorce and financial aid implications

Was reading an old Kiplinger.com article regarding whether a custodial or non-custodian divorced parent should file the child's FAFSA financial aid forms.

According to the article, in the federal formula, only the finances of custodial parent are considered. The exception is that if the custodial parent is married, then the income and assets of the step-parent married to the custodial parent are also considered.

However, some institutions may consider the income of both natural parents.

Some private colleges, however, do ask about the noncustodial parent's income and assets on their own aid forms and consider the resources of both parents -- as well as the custodial parent's spouse. But they generally don't consider the income and assets of the noncustodial parent's spouse.

Of course, as the article suggests, it's always good to ask the school upfront regarding its financial-aid formula.

It's a good idea to ask up front about the school's financial-aid formula, which could make a big difference in the amount of aid you could receive.

For complete article, see:

Kiplinger.com: Divorce and the FAFSA

posted by Ruby @ 7:22 AM

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