My parents have been divorced since I was very young, I live with my mom and she makes 30-40k. My dad makes a good bit more than my mom and doesn’t live near us but I still see him every other weekend or so.
If I was applying for financial aid, would what I received be based on both of their incomes combined regardless of them being divorced, or just my moms since she is who I live with and who is my guardian?
At schools that just use the FAFSA only the income of the parent you live with most is used to calculate aid. Schools that use the CSS profile use both incomes. Try running the net price calculators at each school twice – once using your mom’s income and once using your dad’s – and add the net costs together. Make sure to count grants only once though.
For those Profile schools, don’t just add the net costs together. When you run the NPCs, and get the results…make sure you delete not only grants, but also duplicate loans, work study, and merit awards or scholarships.
What colleges are you applying to? There are MANY that do not require non-custodial parent information, but most of those also don’t meet full need for all accepted students.
Have you discussed college finances with your parents…both of them? What can and will they contribute annually towards your college costs? Find that out…it’s important.
Depends on the college:
@yahiko - Be sure to speak with each of your parents to find out what each of them individually is truly ready, willing, and able to pay for. That way you can focus on colleges/universities that are likely to be within the total budget.
Basically, universities that use th FAFSA will use your mother’s income/assets only, but they don’t meet need: you’ll need to rely on merit scholarships. Prepare for those standardized tests because that’s what will determine how much you get.
At ‘profile’ schools, both your mom and dad’s income will be counted but if you choose wisely some meet need and would thus provide financial aid.
Have a talk with each of them to see how much they can provide, either from income or savings.
Run the NPC on Beloit, St Olaf, Muhlenberg, Dickinson (universities that ‘meet need’), as well as your state flagship(s).
If you provide your stats we can suggest more universities to run the NPC for.
University of Chicago meets full need…and does not require the non-custodial parent information at all.
Vanderbilt meets full need, and doesn’t require the non-custodial Parent Profile.
You need to look at the list of Profile Schools…and see which ones do NOT require the non-custodial parent form.