Divorced parents with extreme salary differences

Hey, my parents are divorced and I lived with each for half time. One of my parents makes well over a half a million dollars a year, while the other is just about an average citizen. I was wondering if I can apply for financial aid with just one parent’s salary. If anyone has had some experience with this, please let me know. My upper class parent is going to put in the same amount as the middle class one, so I’m not trying to cheat the system too badly, lol.

If you live with each equally, you’re supposed to use the parent who contributes the most to your expenses…likely your wealthier parent.

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My upper class parent is going to put in the same amount as the middle class one, so I’m not trying to cheat the system too badly, lol.


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That’s pretty sad that your very affluent parent isn’t going to pay his/her share proportionately to his income.’

Anyway…what schools are you applying to? The schools that only use FAFSA often don’t give much aid.

the schools that give the best aid usually use CSS Profile and usually ask for ALL parents’ incomes…not just one.

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I really want to go to Yale
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Unless your parents are going to pay ALL costs, you won’t be going to Yale or similar schools. Yale and similar will look at both parents’ incomes, and that upper class parent’s income is way tooooooo high for aid.

How much is each parent going to pay?

They were planning on paying about $10,000 each/year during undergrade. That is what we think it might cost at a public university.

How much does your “average” parent make.

For schools like Yale, the income and assets of both parents will need to be submitted. Your custodial parent will submit the Profile and your non-custodial parent will submit the non-custodial parent Profile.

If you really split your time equally with your parents, the parent providing the bulk of your support must be the custodial parent listed on the FAFSA (and this should match the custodial parent for the Profile). Your custodial parent also must include any child or spousal support they receive.

How much are each of your parents planning to contribute to your college costs annually?

And yes, if you put the wrong parent down on the FAFSA for financial aid gain…even for a small amount…it is considered fraud. So be honest about who is really that custodial parent.

I think I will apply to NYU, harvard Yale, Rice, and I’m already accepted to UT by my class rank. Maybe a few others as well. I am not a junior yet, but I had been wondering about this for a while. Thanks for all your help!

My average parent makes about 60,000/year. And I have 50/50 custody.

I have no idea how the FAFSA with divorced parents works, so this is a question for the knowledgeable CCers:
Since OP is still a sophomore, can he arrange now with his parents to start staying more often with the lower-income parent so that in two years, he can truthfully claim that parent as the custodial parent on FAFSA?

One of your parents makes “well over half a million a year” and is only willing to pay 10K?

Are you sure???

Yeah. My affluent parent, however, is married and most of the money comes from the stepdad. We don’t get along at all. He really doesn’t want to see 60,000/year of his money flying out the door for 8 eight years, especially when we don’t like each other.

By the way… Would anyone like to chance me for TAMS? It’s a program for smart kids who like math and science and they go to college two years early. My EC’s suck but I don’t have a car, so I can’t go anywhere till I get one. But when I do I will be pulling on the electives. http://talk.collegeconfidential.com/what-my-chances/1750703-what-are-the-odds-that-i-will-get-into-tams-tams.html#latest

OP- the lower earning parent might well have significant assets based on how the marital property was divided when they divorced. One parent could have an income of 60K but a million dollars in a mutual fund, plus significant retirement accounts (IRA, 401K ).

I think you need a frank sit-down with both parents to get a handle on college financing. You don’t know if there is a college account in your name; you don’t know what the divorce decree stipulated in terms of paying for college (if anything).

Is the more affluent parent paying child support?

And why are you planning on going to college for 8 years???

There is now child support. Oops, I meant 7 years. I plan on becoming a lawyer. Oh yeah, I forgot about the whole net worth and other assets thing. Anyways, thank you all very much. I will take your advice and you have been very helpful!

Keep the class rank up (though you are NOT accepted already). UT is a great option. All the other schools you listed will be asking for the info from both sets of parents so you will be full pay. Doing well on the SAT/ACT will also give you more out of state options through merit aid.

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They were planning on paying about $10,000 each/year during undergrade. That is what we think it might cost at a public university.


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Well, the whole FAFSA thing won’t matter because most of your schools won’t base aid from FAFSA…they’ll use CSS.

For the parent who earns $60k, if you end up staying with that parent more, then you’d only use that parent’s income for UTexas, but that still probably won’t mean much/any aid.

And, what if that lower income parent remarries and income goes up?

Thank you for checking out my stats!

I would make sure that you are actually living with the least wealthy parent for at least a few days more than half of the year…prior to the date you file your FAFSA. That way, you can honestly say that the least wealthy parent is your custodial parent.

But really…all of this is blowing in the wind when it comes to Rice, Harvard and Yale who will absolutely require financial information from both parents. NYU is $60,000 a year plus. The school does not meet full need for all accepted students, and is noted for the significant gaps they leave many students. They also use the Profile now.

UT will most likely be affordable with the parent contributions, and your Direct Loan…and the income you should olan to earn to contribute yourself.

Re: your chances…three is a whole forum here for chances. Post that there.

You are a HS sophomore now? Your goal should be to get the very top grades you can get, and the very top SAT or ACT scores as well. Then look for merit aid awards too. If you end up truly being a competitive applicant for a place like Yale, you will have the stats to garner sig if imcant merit aid elsewhere…that would keep your net price below $20,000.

Oh…and regarding FAFSA…ONLY the custodial parent goes on that…but any child or spousal support MUST be included as well.

As a matter of fact he is engaged. But to a woman with 2 kids. She makes even less than he does. I was thinking if they got married it would be even better having four kids around.

Would the affluent parent be willing to pay 40k for just four years? That’s what you need his contributution to be for a private school.

It’s doubtful. Although there is a slight chance. My mother could always divorce him and then use the money however she likes. But that’s not the most probable. For clarification Mom=money Dad=average.