<p>Hi,</p>
<p>I have not yet filled out FAFSA or any of those forms, but I want to get a feel of how my financial aid will be affected by my situation. My parents are divorced and I have lived with my mom since 4th grade. My dad currently lives in New York state with my stepmom. My mom has not remarried and makes ~55,000 a year. We are renting a house, so we do not own anything. My dad makes ~100,000 a year and his wife makes even more than that. Will I not get financial aid because of the salary of my dad and his wife, or will they look mostly at the salary of my mom, who I live with?</p>
<p>Thanks,
J</p>
<p>If you apply to schools that only uses the FAFSA, your need based financial aid will be based on your mom’s income and assets and your income and assets only. Your non-custodial parent, your dad, and his wife will not be included at all on that form. Any money your dad pays on your behalf to your mom, however, is included.</p>
<p>IF you apply to schools that use the CSS Profile, many also require that the non-custodial parent also file a form…which would include your dad’s income and assets and his wife’s income and assets. There are about 300 schools that use the Profile…about 1/2 of them require the non-custodial parent form.</p>
<p>Some schools use the FAFSA AND a school financial aid form. Most school financial aid forms are similar to the Profile in that they require the non-custodial parent and spouse financial information as well as the custodial parent info.</p>
<p>NOW…added to this…there are not a lot of VERY generous FAFSA only schools. Schools using the FAFSA only typically do not guarantee to meet full financial need. Most of these schools do not have excessively large endowments and/or generous need based financial aid policies.</p>
<p>The schools with the most generous need based financial aid and the deepest pockets from which to draw…use the FAFSA and the Profile (or a school form). These schools will likely require your dad’s information…and his wife’s.</p>
<p>So…if you don’t want to report your dad’s income/assets and his wife’s…stick to FAFSA only schools. You can run your mom’s numbers through an online calculator to estimate your FAFSA EFC. This would be important to know. In addition, you need to know from your mom AND your dad how much they are willing to contribute to your college education annually. THIS is the single most important thing for you to find out.</p>
<p>I second Thumper’s suggestion – now is the time to have a discussion (separately, probably) with your mom and dad and find out what they’re willing to contribute towards your college expenses each year. </p>
<p>If you’re thinking about some schools that use Profile and the non-custodial parent form, you probably need to have a discussion sooner rather than later with your dad, because in that case, your step-mom’s income is also going to be included in the calculation, which might be a big surprise to your dad and his wife. Or maybe it won’t be a surprise, and they’re already expecting that. Either way, better to have clarity before you finalize your list of what schools to consider.</p>
<p>Best of luck!</p>
<p>There are also some PROFILE schools that do not include NCP financials. You need to get a list of them.</p>
<p>*
NOW…added to this…there are not a lot of VERY generous FAFSA only schools. Schools using the FAFSA only typically do not guarantee to meet full financial need. *</p>
<p>Very true. So, don’t look at your EFC and think that is all your mom will have to pay. </p>
<p>*There are also some PROFILE schools that do not include NCP financials. You need to get a list of them. *</p>
<p>True, but these schools generally don’t meet need, either.</p>
<p>Students in your situation need to very carefully choose schools based on your financial situation. </p>
<p>Thumper is right. You need to talk to both parents and find out how much each will contribute to your education. Once you know that, come back and we can help you more.</p>
<p>:)</p>
<p>Thank you all. I am planning to have this conversation soon, but I wanted to see if we would have to include my step-mom’s income in this conversation. My dad is actually coming down to see me this weekend for my birthday, so it might be a perfect time to talk. I’m not sure if this is too early to start worrying about finances, but I guess it’s never too early</p>
<p>For some schools you will have to include your father and your step mother’s financial information. For some schools and for government money that you might get from FAFSA, you do not. Some schools will use FAFSA only or not include your non custodial parent’s assets and income. </p>
<p>If you are going to need financial aid to go to college, you will have to cast a wide net and look for some safety options. Those are schools that you know will accept you and that you can afford. Usually that means commuting and a state school. If your test scores are in the upper range of a college, merit possibilities exist. Look at Momfromtexas’s thread about full rides.</p>
<p>Any school that asks for NCP info will also include your step-mom’s info.</p>
<p>Since you’ve indicated that your dad and step-mom’s income is very high, you won’t get any aid from those schools.</p>
<p>The problem, of course, is that if your dad/stepmom have no intention of paying all of your education, then you won’t be able to afford those schools.</p>
<p>So, if your dad/stepmom will only agree to paying an amount that is a lot less than full price (about $55k per year) then you need to avoid schools that ask for their info like the plague…unless you’d qualify for a huge merit scholarship from those schools. </p>
<p>One of the problems with schools that require NCP info is that once the family contribution is determined, some higher income NCPs refuse to pay for more than half of that amount or refuse to pay more than the lower income parent is paying. That would obviously not be fair to your mom because half would be about $25k per year…nearly half her salary. And if your mom can only contribute - say $10k per year - then your dad matching that with $10k is not going to be enough.</p>
<p>Once you know your situation, let us know. With that info and your stats, we can make some strategic recommendations for you. Casting a wide net is important, as long as you cast it strategically. Some cast a wide net and still end up with unaffordable schools because they didn’t consider their own financial situation and/or the financial situation of each school.</p>
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<p>You are right, it is never too early. I assume you are junior going to become a senior this fall? The advantage of this conversation up front is that you can pick and choose your schools so that you do not set yourself up for disappointment. CC has enough stories of both parents and children who never considered the financial situation before applying. They were then upset/disappointed/angry/… when they found that they could not afford that school or that they did not get the aid they were expecting. There are even instances where the student/parent were venting as they thought they did not get the aid were entitled to.</p>
<p>The rules of financial aid are</p>
<p>1) Schools have a strategy in allocating aid and most schools will not give more aid then they think is necessary in a particular case. They are not obliged to give aid to everyone nor is any one entitled to aid. School policies are fairly vague. They may claim to meet 100% of need. There are two points here. First they define what need is. FAFSA only schools have less leeway than Profile schools. Second, they can meet the need in many ways including loans or expecting you to work and contribute. They might meet the need but not they way you would like it.</p>
<p>2) They expect parents to contribute towards the education and they expect parents to contribute what they feel is a fair share. As far as they are concerned, your dad and step mom have income and assets and that is considered as income and assets that can be used for you. Your step mom may feel that is not right as that is her hard earned money and meant for her children and her family not for the step family, but that is the way it is and you need to convey that to your father.</p>
<p>3) It is better to plan for the worst and be pleasantly surprised rather than plan based on rosy expectations and be disappointed. That does not mean you should not apply to schools that may or may not give aid, you need to have a financial safety that you are comfortable with and willing to go to, in case others do not work out.</p>
<p>Also staring thinking of finances early allows you to plan your summer/s for example where you can work and save money for college and/or find other ways to save. At the end of the day, you have a responsibility for your own education too and the earlier you think about it, the better.</p>