<p>I was wondering if colleges count both of my parents' income (I only live with one) and assets and stuff, or just the one i live with's, or the one i live with's income plus child support when calculating financial aid?</p>
<p>bump.......</p>
<p>Colleges that require the FAFSA only (re:most public univ.) look at only the custodial parent income, privates usually require the "CSS" or equivalent which is very detailed and requires info from both parents. There are lots of threads with more info on this topic. Try a search.</p>
<p>Both parents and parent's spouses.</p>
<p>Thanks. I read the other thread and the MIT website and I"m so relieved now. This is a huge weight off my shoulders. And bandit, if you're kidding then you're not funny.</p>
<p>It is a fact. Read the CSS profile. And name calling is not appreciated, especially when you're wrong. I believe MIT will require the CSS and non-custodial parent supplement. The NC supplement requires both spouse's income, assets, children, tax returns, etc.</p>
<p>The vast majority of schools do not require the CSS and go strictly by FAFSA, which asks about custodial parent and that parent's spouse, but not the other parent or spouse. But many of the schools which most people on these boards are aiming for do require the CSS, which is as Bandit says.</p>
<p>Pretty much all of the Ivies, elite Lacs and schools which give out large amounts of their own institutional funds use the CSS profile.The College board is just a clearing house for this information as they scan the forms in and send it eletronically to the school eliminating the acutal amount of paperwork that is handled. They use a combination of the federal methodology and institutional methodology in determining need and calculating aid. </p>
<p>Many schools especially public universities do not require or use the CSS profile and require only the FAFSA. At these schools the process is pretty cut and dry, based on the federal methodology your family makes "X" dollars. This means that based on their income, the EFC is "Y" dollars and you get a financial aid package that consists of grants, loans and workstudy. Few of these schools meet 100% of your demonstrated need , so there are big gaps that need to be made up by hook or crook and the aid that is given is usually light on grants and heavy on loans.</p>
<p>Many schools often have their own financial aid form , which still asks for basically the same information from the both the custodial and non-custodial parents that the profile does.</p>
<p>Atomicfusion,</p>
<p>It is better to be silent, and be thought a fool, than to speak and remove all doubt, becasue Bandit was correct in the information he supplied to you.</p>
<p>MIT requires the Following:</p>
<p><a href="http://web.mit.edu/finaid/forms/forms.html%5B/url%5D">http://web.mit.edu/finaid/forms/forms.html</a></p>
<p>*The Free Application for Federal Student Aid (FAFSA) *
If you are a U.S. citizen or permanent resident, you and your parents must complete the 2005-2006 FAFSA online at <a href="http://www.fafsa.ed.gov%5B/url%5D">http://www.fafsa.ed.gov</a> (alternatively the paper version is available from your high school guidance office). File the FAFSA as soon as possible after January 1 and designate MIT as a recipient by using our name, address and federal school code of 002178. </p>
<p>The CSS PROFILE Application
If you are a U.S. citizen or permanent resident, you and your parents must also complete the 2005-2006 CSS PROFILE application. You may register online at <a href="http://profileonline.collegeboard.com%5B/url%5D">http://profileonline.collegeboard.com</a>. Be sure to designate MIT as one of the recipients using our code number of 3514. In addition, MIT requires you to answer CSS Supplemental Questions specific to MIT.
For planning purposes, you may preview the CSS Profile Section Q Questions (Supplemental Questions) here. </p>
<p>CSS Business/Farm Supplement
If you are completing the CSS PROFILE application and either parent is self-employed or owns any part of a business or farm, s/he will need to submit the CSS Business/Farm Supplement (sent to you with the CSS PROFILE application) for each business or farm in which any interest is held. </p>
<p>Complete copies of your parents 2004 federal Income Tax return (including all Schedules and W-2s) </p>
<p>If you are a U.S. Citizen or Permanent Resident, we will require a copy of your parents most recent tax return before we can determine your eligibility for financial aid. Upon completing the CSS PROFILE application, you will be sent an IDOC (Institutional Documentation Service) Cover Sheet by the College Board. You will use the IDOC Cover Sheet to submit your 2004 federal income tax return, miscellaneous schedules, and W-2 forms. If you or your parents own corporations, partnerships or trusts, please include copies of those tax returns (Forms 1041, 1065, 1120, 1120S, K-1). </p>
<p>Please note: If the 2004 federal income tax return is not yet available, send the 2003 return and 2004 W-2 forms by the March 1 deadline directly to MIT, and, as soon as it is completed, send the 2004 federal income tax return to the College Board using the IDOC Cover Sheet. </p>
<p>Separated or divorced parents
If your parents are separated or divorced, **we also require your non-custodial parent to submit a web-based noncustodial Parents Profile (at the end of the registration process for the PROFILE application, you will receive further information on how to fulfill the noncustodial parent requirement). Additionally, we will need copies of 2004 federal income tax return and W-2 forms from the non-custodial parent. **This information will be requested as part of the IDOC process highlighted above in the section on federal tax return.</p>
<p>Atomicfusion has a lot to learn about the real world. E.G., my planned remarriage dissolved after my partner, who had just finished paying in full two Big Ten college educations and some grad work for his own offspring, finally realized that he would also be equally responsible with me (and, to a degree, my ex) for paying my children's education once we married--since his income topped $100K, we could kiss any need-based help goodbye! Of course, other issues played a role in ending the engagement but, trust me, this financial issue was a major one from his point of view--after 7 yrs of tuition he wasn't about to add another two rounds!</p>
<p>Here is our rationale (I am the Director of Aid at MIT). We want to be sure that we consider the income of the two birth parents as part of the support of the student attending MIT. If we consider both birth parents, though, we will not take into account the earnings of any new spouses (in other words, two parents are enough for us).</p>
<p>Of course, we also consider individual circumstances, so if you are in a very messy divorced situation (or you never knew your dad or mom since the divorce was a looonnngg time ago) we will be willing to hear an appeal to waive our requirement.</p>
<p>Barkowitz - thank you for being here. I read but usually don't post, except when I feel very close to a thread topic. </p>
<p>I've heard "we consider individual circumstances" from only one of the three financial aid officers I've interviewed on my daughter's behalf. She is at this point deeply interested in Columbia, Chicago, and NYU. She is a senior at small girls' boarding school, on scholarship, top of the class and a hall proctor while in physics C, calc bc etc., NM semifinalist, GC a pro who is extremely optimistic and supportive. You might know the GC. I make about 55k/year, the most I've ever earned, as a social worker; I could only work full time after she went away to school and just finished paying off my own student loans. Her dad and I have been separated since 94 and divorced since 98. It was ugly. He gambles; has been unemployed for long periods, was caught for tax evasion, never communicates with me but will call her every few weeks. Child Support Enforcement collects from him when he's working, and when he works, he apparently earns a lot. They've suspended his license and threatened jail, but he caught up his arrears just enough; he seems to know how to "play" them. </p>
<p>On the GC's recommendation I talked to FA officers this summer. Columbia's was sympathetic and gave us a waiver to submit; Chicago, however, said if he doesn't submit his paperwork, she'll get no need-based aid, and that's that. NYU smiled and said they only want my FAFSA. </p>
<p>Ironically, Chicago is actively courting her. The GC has said she thinks she has a shot at one of their big merit scholarships. My daughter's head is spinning. Barkowitz, if you're back here and read this, how would MIT treat a case like this, and can you offer any advice? How can policies vary so dramatically?</p>
<p>Let me address your last question first. </p>
<p>How can policies vary so dramatically? Well, the answer here is that there is very little consensus as to what to do with divorced / separated situations among colleges. Most of us (myself included) believe that in most cases both parents should be expected to contribute something toward their son or daughter's education, but almost all of us disagree about how to measure the amount of the contribution, when to waive, and what is the appropriate amount of time/contact which indicates no further relationship between a student and non-custodial parent.</p>
<p>Also keep in mind that this issue is germane only as it relates to money from the institution itself. Federal methodology (which is used to award -- or "ration" -- federal funds only looks at the custodial family (step-parent, if there is one, included). So this issue weighs more heavily when colleges are determining how much and to whom to give their own money. And to complicate matters, this is an issue only for need-based institutional funding; merit-based will not look at this.</p>
<p>To answer the question in relation to the colleges you have identified, remember that NYU does not offer much need-based funding (most of their financial aid is merit-based). Columbia and University of Chicago as members of the [url="<a href="http://www.568group.org%22%5D568">http://www.568group.org"]568</a> group<a href="of%20which%20MIT%20is%20also%20a%20member">/url</a> have waiver processes, but the question is how generous are they on waiver.</p>
<p>In general, our practice would say that if there has been meaningful contact, there should be a contribution. The question is what is meaningful. The argument in your favor is the lack of consistent support (not to mention that getting paperwork from him may prove to be impossible). If I were you, I would be on the phone to both colleges to explore their waiver processes, and I would be writing a very persuasive letter from you and the student requesting the waiver (having an independent third-party letter confirming the situation wouldn't hurt either).</p>
<p>Basically I would start the ball rolling now. Most colleges will not consider the appeal until after the acceptance has been decided upon, but there is no harm in collecting the documentation now. If you have more specific questions, feel free to PM me or to ask them here.</p>