<p>Hi all, I'm new here. I have a question that my son's school & my friends haven't been able to answer so far, maybe somebody here will have info and/or links to where I can search for more. I have two sons that are graduating HS in 2011 and 2014. I separated from my husband in January of this year, and our divorce was final in May of this year. We both work in IT, and make roughly the same amount of money. Our combined income would pretty much exclude us from getting any fin.aid, but on my own, maybe I have a shot? My X states that he will not be paying any part of our children's college tuition. I've been saving some money off to the side lately (not much though - I spent a lot during my divorce), my son will probably go to a state school in driving distance, he's got a high GPA, high SAT score (over 2K - his reading and math scores are close to 800, but his writing score is pretty low), a decent amount of AP courses, so, between all that and my 401K we may be able to handle the expenses. What really bothers me, though, is that I'm being told that FAFSA will want my 2009 tax return as proof of income. Since I was married in 2009, this will mean that my expected contributions and all other financial decisions regarding my son's college tuition in 2011/2012 will be based on "family income" that is twice the actual. I.e. I will be expected to pay for my son's college under the assumption that I have twice as much money as I actually do. This worries me a lot. Is there any way to get them to consider our real income, and not count my X's against us, since he won't be paying for my son's college anyway? Thanks.</p>
<p>When you file the FAFSA for the 2011-12 academic year it will be based on your 2010 income. If you are selected for verification, it will be your 2010 tax return that is required.</p>
<p>As 'rentof2 said, the FAFSA will request info from the 2010 tax return for 2011-2012 school year. It won’t go back further than that. </p>
<p>Be sure to file your FAFSA as soon as you can after Jan 1. (That’s the first day you are allowed to file it.) Money is often allocated first-come, first-serve and, from what you posted, it sounds like your son has a good shot at merit aid. </p>
<p>There are a couple of things you may want to do now:
1- Estimate what your family contribution will likely be. This is the one I use (there are others, just google college efc calculator). Your state school probably only requires the FAFSA so that is the “federal method” estimate. </p>
<p>[EFC</a> Calculator: How Much Money for College Will You Be Expected to Contribute?](<a href=“http://apps.collegeboard.com/fincalc/efc_welcome.jsp]EFC”>http://apps.collegeboard.com/fincalc/efc_welcome.jsp)</p>
<p>2- Double-check what the school will want to apply for financial aid. Around here, the state schools do not want anything from the custodial parent. </p>
<p>3- In order to ‘sign’ the FAFSA electronically, you will need to get a pin for you and your son and you can do that now on this website: [Apply</a> For A PIN - Federal Student Aid](<a href=“http://www.pin.ed.gov/PINWebApp/appinstr.jsp]Apply”>http://www.pin.ed.gov/PINWebApp/appinstr.jsp)</p>
<p>It sounds like your son is in a good position for merit scholarships-- which is really a separate issue from financial aid. You may want to: </p>
<p>4- Try to find out if your state has scholarships to keep top kids instate. Some states target poor kids with their financial aid; others target the state’s top academic prospects. Sometimes, these awards are almost automatic but you may find that there are separate scholarships for which your son can apply. You may be able to find that info by doing an internet search for your state’s name and department of education. Congresspeople often have links on their website too. </p>
<p>By the way, if your son is a Natl Merit scholar, there may be some scholarships that would allow him to go away to school-- if that’s even something you and he want.</p>
<p>When you file your FAFSA in January 2011, you will ONLY put YOUR income and assets on it. Even though your tax return will be filed jointly for 2010, YOUR income only is listed on the FAFSA. So…you will have to figure out those numbers as your tax return will not reflect that. YOUR W-2 forms would be the only ones provided to the school with your tax return as you are now divorced. FAFSA only schools will NOT request information from the non-custodial parent.</p>
<p>As noted above…the FAFSA filed on Jan 2011 will use information from the 2010 tax year. Will you be filing jointly for THAT year? Not that it matters as your income is the only one that will matter for FAFSA only schools…just asking!</p>
<p>However do beware that if your kiddos choose to apply to schools that require the non-custodial parent information (some schools that use Profile and usually schools which have their own financial aid form) that your former husband’s income and assets will figure into the financial aid calculations at those schools.</p>
<p>I noticed you said 401(k). I am not sure how you intend to use it, but I would caution against using 401(k) unless it is a short term loan. Also if you are applying to FAFSA only schools (as you indicate), and you are the custodial parent, i.e. the child lived with you for most of the time in the last 12 months, then you are OK. If you apply to a CSS/Profile school, the fact that your ex does not want to pay is irrelevant, his income will be considered.</p>
<p>So look at your finances again and be realistic about what you can afford.</p>
<p>thumper1: The 2010 1040 is not filed jointly since the divorce was final in 2010.</p>
<p>Ack! I just realized I wrote something wrong. </p>
<p>In #2, I meant to say, around here, the state schools do not want anything from the <em>NON</em>custodial parent. </p>
<p>While the FAFSA only uses custodial parents’ info, as thumper and mazewanderer wrote, some schools want info from the non-custodial parent. The CSS Profile always asks for info from the non-custodial parent but there are also schools that have their own forms requesting info from the ncp. So check each school’s website.</p>
<p>The rub is that most state schools will only consider the custodial parent, but only 2 state schools meet need-UVA and UNC. In most states, with an income over $80K (lower at many) or so the only aid he’ll get is merit.</p>
<p>Madison…for FAFSA only schools you will put only YOUR income and assets on the FAFSA when you submit it. </p>
<p>Many Profile schools require both parents’ information regardless of marital status.</p>
<p>So…for that FAFSA…JUST your income and assets.</p>
<p>Do not withdraw money from your 401K unless it is absolutely necessary. If you are getting money from your husband’s 401k, then find out if you can roll it over into another qualified tax exempt account. If you take this money out, it WILL be treated as income for the year in which you make that withdrawal.</p>
<p>The majority of 401k account balances are considered tax-deferred, not tax exempt (except in the case of a ROTH 401K).</p>
<p>If you withdraw from those tax DEFERRED accounts, they will be considered INCOME. That is what folks are saying to you. The balances left in the accounts are not considered assets by FAFSA. BUT if you withdraw money from a tax deferred account (instead of rolling it over into another tax deferred account) this money will be income for FAFSA purposes AND you will need to pay the taxes on it.</p>
<p>Sorry my choice of wording was confusing…but the reality is that when you contribute to a qualified tax deferred account, you are exempt from paying taxes on that money UNLESS or UNTIL you withdraw it.</p>
<p>*Our combined income would pretty much exclude us from getting any fin.aid, but on my own, maybe I have a shot? </p>
<p>My X states that he will not be paying any part of our children’s college tuition. </p>
<p>my son will probably go to a state school in driving distance, he’s got a high GPA, high SAT score (over 2K - his reading and math scores are close to 800, but his writing score is pretty low),*</p>
<p>To be honest…state schools probably aren’t going to give you any “financial aid” except for maybe loans and work-study (if you qualify). State schools don’t typically have much of their own aid to give. </p>
<p>For instance…if you earn $65k, your EFC may be around $10,000. However, even if the state school costs $20k, that does NOT mean that they will give you $10k in free aid. State schools don’t have that kind of money. Instead, they would give a $5500 student loan, maybe $2k in work-study, and gap the rest. </p>
<p>Private schools that give the best aid will want your ex’s income info, so those may not work for you.<br>
**
However, since your son has high M+CR scores, he might qualify for large merit scholarships at your state school or other schools. ** Some schools give big scholarships for kids with high M+CR SAT scores and do not use the Writing section for scholarships.</p>
<p>So, part of your strategy will likely have to include applying to some schools that will give your son BIG merit for his stats (small merit may not be enough). </p>
<p>What state are you in?</p>
<p>How much can you pay each year out of current income and non-401k savings??
(I agree with those who say that you shouldn’t take out money from 401k)</p>
<p>YOUR W-2 forms would be the only ones provided to the school with your tax return as you are now divorced.</p>
<hr>
<p>ALL W-2 forms would be required in the case of a jointly-filing now-divorced couple. It’s the only way the aid officer can know for sure how much each parent earned! You can’t separate out the income without knowing exactly how much each earned.</p>
<p>Bumping this thread up…</p>
<p>To previous posts (mom2collegekids), I have very few savings left after I paid the divorce lawyer and bought a house for the 3 of us (could not rent with the dog - it is a small house with low monthly pay, but the downpayment wiped out all whatever little I had saved). I’d be thankful for a student loan and I hope my son would take the work/study.</p>
<p>I cannot pay much. I’ve been tracking my expenses all year and it’s pretty shocking how little is left every month. And 2nd half of next year, I’ll have less money coming in (see below). Plus will probably need to cover car insurance payments and gas money as my son will probably be driving to college. (or else paying his room and board which is probably even higher). I could probably scrape together a few thousands a year but that’s about it.</p>
<p>He applied to three state schools, got into all 3, they’re all offering him money but there’ll probably still be some difference for me to cover. Anyway my new questions as I’m starting to look at FAFSA on the web…</p>
<p>1) FAFSA wants to know how much I get in child support. Problem is, my older son’s part of child support payments will stop on the day he graduates high school, i.e. last payment will be in May 2011. Is there any way to communicate this to FAFSA, that yeah I received this much in 2010 but I won’t be receiving that much in 2011?</p>
<p>2) The ex is paying me off for my part of equity in the house we used to own together (that he stayed in, and had refinanced in his name only). It’s a smallish amount that he pays in increments. His last payment will be in September 2011. My questions - Do I need to list this under “other income”? and - How do I tell them that this income is temporary and will end as soon as my son starts college?</p>
<p>Thanks.</p>
<p>Re: child support - you must report the amount you received in 2010 on the FAFSA. Some schools will adjust for situations like yours if you make the request. They do not have to do so, though, and policies vary by school.</p>
<p>Re: payments for the house. Yes, you must report all payments you received in 2010 as other untaxed income. Again, you can discuss the situation with the school’s aid office & they might make an adjustment … but if they do, they will want to know what you did with the money, otherwise they may add it into assets. </p>
<p>Both of your situations would be professional judgment situations. One school might make an adjustment, another school might not.</p>
<p>The schools will assume that at least some of that money you received in 2010 …that will stop in 2011…was saved for college expenses. As noted above, some schools will make an adjustment for you…others will not…it’s up to the school on a case by case basis. You would file your FAFSA and then write the school and ask for a special circumstances consideration/professional judgment to be considered. The school can tell you how to do this.</p>
<p>Hi guys, I’m new here, and I’m the first in my family to go to college. My situation is somewhat similar to the one stated above, except that MY PARENTS’ DIVORCE IS NOT FINAL. It was filed on 10/18/2010, and I’m not sure how I’ll file FAFSA. They’re separated (not legally though, legal separation in my state doesn’t exist) and live in two different houses. I live with my mom, so would I enter only hers? Would I enter both my parents since the divorce is not final? I’m pretty confused :(</p>
<p>If your parents are separated now, when you file FAFSA in January you will use your mother’s financial information since you live with her.</p>
<p>You guys are right, I’ll have to talk to the schools. I just didn’t know whether/how it was normally done.</p>
<p>I had to buy a house this summer, we couldn’t find anyplace to rent in our price range with our dog 
Then I bought life insurance naming my both kids as beneficiaries, since I am the sole provider now. Then I was back to square 1 trying to save up from zero. </p>
<p>He applied to three local schools, all 3 have accepted him and are offering honor programs and money because he comes with pretty good credentials… talking to them directly will probably help. One of the schools is iniviting us to a financial aid workshop in January… I will talk to them then.</p>