<p>Your stepchildren will be using their mother’s and step dad’s (if one is in the picture) only in terms of parental EFC for FAFSA. However, most private schools that tend do give the larger financial aid packages will want financial info for your household including your numbers. What you prefer does not come into the picture. Divorce agreements do not matter either when it comes to what expected contributions are for financial aid As to how much your husband will be on the hook for college expenses, he and you need to visit an attorney and see how this works in your state. If your stepson gets into a school costing $60K+ a year, what would the courts in your state, in your situation expect your husband and you to pay if he evokes that clause that is in that divorce agreement and wants those costs half met by his father. That is an important issue.</p>
<p>Most of the time, it’s difficult to get one time payments, unless it’s for job loss income bridges, specifically met medical expenses, as exceptions. I personally know of a situation where the money went directly to start up a business that was going to support the family, and a number of schools refused to give the family any break. Too bad. That family, friends of ours, had their one child take a leave of absence and the other take a gap year to avoid having that early retirement payout affect financial aid. It’s sort of like taxes, you can’t ask the IRS to ignore that one year big payout, you know.</p>
<p>Many people in your income/asset range have the exact same concerns that you do. Not much money left after paying for commitments that have long been absorbed into standard of living. The way to get get around all of this is to take a gap year, take a lower paying job and donate your non qualified assets down to a set amount to get on equal footing with those who would qualify for the financial aid you want for your students. That’s what it takes to be ELIGIBLE for that kind of money. It’s an option that YOU have the luxury to consider. Those already there do not have the option to swing into your income/asset bracket and have to take the college costs hit at certain schools. So right off the bat, you have earned that specific option.</p>
<p>Bottom line, if say your kids get into schools like, say Amherst, Johns Hopkins, Columbia, Yale, just to name some schools that guarantee to meet full need, costs in the mid to high $60K level, you are going to be expected to pay pretty much by formula, and you can run the NPCs for those schools to see what those costs would be.The same with UVM, Colorado and Syracuse, but they do not guarantee to meet full need. OOS publics are not generous in fin aid, as a rule. Just as it would likely to cost you to send your children to public schools out of your school district for k-12, just as private schools K-12 charge you money unless your children get scholarships or financial aid for those schools (and you know what income numbers they use for fin aid), and just as boarding schools, not only charge for tuition and room/board costs, so it is with colleges. You might want to look at University of Denver as well as Colorado. UBuffalo as well as Syracuse, Some of the very reasonably priced UMaine schools as well as UVermont and price shop, as well as looking at some in state public options for your students. </p>
<p>It’s important that you and your husband understand what he committed to in that divorce agreement and how your state would interpret it. What would truly happen if one of your step sons was accepted to a high cost school and demanded half of it be paid by your husband? Would the courts say, he has to borrow the money and come up with it since he so agreed to pay ? I can guarantee you that most of the schools that use PROFILE on top of FAFSA are not going to exempt your pay and assets for financial aid calculations, and those tend to be the schools most generous for financial aid. Your husband should let his children know early what he is wiling and able to pay for their college, so they know what is available so it doesn’t come to a nasty legal show down,.</p>
<p>A friend of mine was involved in such a case, where her stepdaughter did insist on the 1/2 payment of college costs that was agreed upon in the divorce contract. And they paid, reluctantly and begrudgingly. What financial aid, awards and whatever that the stepdaughter was able to muster was still not enough to meet the costs of the top priced school she chose, and her mother/stepdad who were the custodial parents could not make up the difference even with half the payment covered, so after one year, she was forced to drop out of school, and it took a couple of years for her to get the transcript from that year since she could not pay what she owed them My friend and her husband had spoken to the young woman until they were blue in the face, pointing out that she could not afford the school even with the 1/2 costs that they were paying since they were legally bound to do so, and that they would even pay the FULL cost of an instate school in either of 2 states, not half, but the student would not listen and did it her way, even though it was spelled out to her what would likely happen, which did, and that they were NOT going to pay a penny over the 1/2 amount to bail her out of that situation if she went ahead and did as she pleased. These sort of predicaments are real life situations. Your husband might get stuck paying amounts his salary can’t even cover and have to borrow to pay college costs. I don’t understand how your husband is paying MOST of his salary in child support since in most situation the child support payment has a certain ceiling that allows for paying spouse to retain some portion of his salary for his own living expenses. I know many men resentfully paying more child support than they feel they should when their ex is married to someone well heeled, but none are paying MOST of their pay, and I don’t think their own spouses pay is taken into the formula for support But I am not familiar with child support laws, ceilings, agreements, state laws, etc, just on anecdotal situaions. When you check with the attorney to find out what the extent of your husband and your fiscal responsibility for college costs is, you might also ask if the child support payments, given what his salary is, are iine with state limitations, and how your assets and income come into play in your state. This is the sort of meeting anyone considering marrying someone with financial obligations should have, so that plans can be made accordingly beforehand, not when the college acceptances are on the table. You are not quite there, and you can’t start sooner than now to get the full extent of your husband’s and your financial obligations.</p>