Hello,
My daughter was accepted to a college. We got the CSS profile application waived. Her father has been gone for awhile and we showed all supporting evidence. In my divorce decree it states he is to have a 529 plan for her. Neither of us had contact with him. I am thinking about taking him to court to get the money, and I know it will end up dragged out and a war especially since either of us has had contact. My concern is, if I do this and if he still has the 529 and the court orders him to release the money to her school will the college then turn around and want his income information now or is it best to just leave it as is ad suck up the loan? We received scholarships and lots of grants too.
That all depends on how the school wants to do things, so nobody here can give you a definitive answer.
Any time you are dealing with a specific school and it’s own money, it’s all up to the school. I know someone who did go after a deadbeat parent through the courts—college money was clearly Specified in the divorce agreement and after a long protracted battle, some money was squeezed out of the son of a dog. How the family dealt with this in terms of financial aid given by the college; a NCP PROFILE waiver was granted , I do not know. Depending upon how the funds were specified and to whom they were given (custodial parent, student or school) woukcc dc likely play some role in how it needs to be reported. I believe by then, the student was well past the years that income needed to be reported on financial aid forms, as that info lags two years behind.