How your divorce can affect your child’s financial aid
By Jason Flurry, CFP, president of the National
Center For College Planning
If you’ve never been divorced, chances are you at least
know somebody who is or was. It’s a far too common
situation these days. And we all know how divorce affects
the kids involved, but what most people don’t know is how
it affects your ability to qualify for fi nancial aid during the
college years. It does make a difference, so here’s what you
need to know.
If you are divorced and operating as a single parent, be
careful when you complete fi nancial aid forms, like the Free
Application for Federal Student Aid (FAFSA). In most cases,
they are “household-only” forms. Although the forms often ask
about other family members in the questions, don’t include
them or their numbers in your answers. Doing so will overstate
your estimated ability to pay for college and reduce your
award package. They must live in the house with you to
make a difference for fi nancial aid purposes.
If you are divorced and remarried, the rules change a bit.
You and your new spouse have to complete the forms with
your combined household info. Even if the child’s other
biological parent is actively involved, do not include him
or her on your form. It can get a little complicated trying to
understand what goes where sometimes with child support,
college savings plans and other resources involved, but keep
only your own household in mind as you go through the
process. It will help keep you focused.
Naturally, there are situations where the non-custodial
parent’s information matters (private colleges are known to
do this more than public universities), and you need to be
aware of how other important pieces of the puzzle factor
in before fi ling for fi nancial aid. It would be a shame to
accidentally disqualify yourself from money you would have
received otherwise and limit your child’s opportunities for
the future in the process. You’ve worked too hard to let that
happen!
