<p>I was wondering how colleges will look at my financial situation. I'm sure it is similar to many other people out there but I couldn't find a thread on it so here it is:</p>
<p>My parents are divorced and I live with my mother. My dad remarried and my step-mom makes a significant amount more than both of my biological parents. My two parents combined make a little under $75,000. Will colleges take my step-mother's income into consideration or will it be solely based on my natural parents and their assets?</p>
<p>It won’t happen either way that you have asked about.</p>
<p>Either the college will be a FAFSA - only college in which you will report your mother’s household income only, or it will be a college that requires the NCP (Non custodial parent) information, in which they would take your father’s household income into consideration (including your stepmother’s income). Usually you can look on each college’s financial aid page to see what financial information they require.</p>
<p>^ Actually there are some Profile schools that don’t take NCP income into account, but you’re absolutely right about checking the school to see what they require.</p>
<p>Those colleges that guarantee to meet full need, and those that tend to be the most generous in most cases, usually require a PROFILE application for financial aid in addition the the FAFSA which is needed by most all colleges as it is required for federal money. Most PROFILE schools, but there are exceptions, want to know not only the custodial parent’s financial situation and that parent’s spouse’s financials as FAFSA does, but also the non custodial parent’s and his/her spouse. It hits up all 4 parents, step and natural. Many of such schools also want to know what money is sitting in sibling and step siblings’ accounts. </p>
<p>FAFSA only schools, which are most all of the state schools and really most colleges will only ask for the custodial parent and spouse’s finances, but very few such school guarantee to meet full need, though if you are a top applicant in terms of test scores and grades, your chances of getting a good aid/merit package at schools can be high. </p>
<p>You do have to read up on what each school uses as critera in defining need as they do differ.</p>