<p>I am currently a junior, and my parents are in the midst of a divorce. I am wondering how this will affect potential financial aid packets from colleges.
My father makes around 200K and my mother, who will likely have custody of me, makes 30K.
Will colleges base my financial aid package off of my mother's salary, since she will have custody of me, or will they still consider the salary of both parents?
Thanks for your time.</p>
<p>I would ask my mom to make sure that the divorce settlement includes some kind of mention that your dad must pay a certain amount towards your education each year.</p>
<p>Your FA packages will be different depending on the school.</p>
<p>Many of the better/best privates will consider both parents incomes when determining your aid (which is why I made the above suggestion). They will use CSS-Profile and ask for Non Custodial Parent (NCP) info. These schools tend to give the best aid.</p>
<p>Public schools and some privates will only use your mom’s income - based on FAFSA. **But that DOES NOT mean that you’ll get a lot of free money. **</p>
<p>BTW…Schools that don’t ask for NCP info generally give less aid. (just a guideline - not set in stone)</p>
<p>Remember…most schools cannot meet the financial need of most students. Most families have to pay a lot more than their EFC indicates. That’s why you need some assurance that your dad will contribute.</p>
<p>EFC = Expected Family Contribution.</p>
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<p>No…not set in stone.</p>
<p>Actually, there are some schools that meet FULL NEED that require the PROFILE but do NOT require the non-custodial parent forms.</p>
<p>Schools that use FAFSA only typically award less aid. Chapman University in CA meets full need and uses the FAFSA ONLY. So far as I know, it’s the only FAFSA ONLY school that meets full need.</p>
<p>Schools that do not have large amounts of institutional money award the least amount of aid…doesn’t matter WHAT financial aid application forms they use.</p>
<p>For the OP…remember…for your mom to be your Custodial Parent…you must live with her GREATER than 50% of the time. If your parents have joint custody and you live with them equally, you would be required to use the parent with the higher income on the FAFSA.</p>
<p>Financial need is calculated on both income and assets, so even if your custodial parent has a low income, if his/her assets are substantial then this will be factored into the calculation of your financial need.</p>
<p>Colleges that require FAFSA only, which includes most public colleges in the U.S., will only require your custodial parent’s (mother’s) financial information to be reported. There are about 300 colleges that require Profile, which will also require your mother’s financial information to be reported. Of the Profile colleges, about 120 will require your father’s information too. In addition, some of the most selective colleges in the U.S. have their own financial aid forms, and might require your father’s income/assets to be reported.</p>
<p>None of this is a guarantee that your financial aid will meet your financial need.</p>
<p>If your parents are thinking ahead, they will come to an agreement about how your college expenses are to be met as part of their divorce settlement agreement. This is too important to be left to chance.</p>
<p>I’m sure there are SOME schools that meet 100% of need with small or no loans w/o NCP info. (which is why I gave the caveat. 
)</p>
<p>But, since the OP is a junior and probably doesn’t know where she’ll be applying or what their FA policies are, her mom should take some pro-active steps to assure that the affluent dad must contribute some amount or percentage towards her education. </p>
<p>After a likely expensive divorce, the last thing this kid needs is an affluent dad who says, “I don’t have to contribute ANYTHING.”</p>