I’m a rising senior preparing for the admissions process. My parents are divorced, but I spend my time nearly equally between the two of them. My mom is my custodial parent and has since remarried. She makes over $100k/year, I believe. I’m not sure how much her husband makes, but I would estimate between $60k and $70k. (However, it’s worth mentioning he recently switched careers, and the prior prior year’s tax information that the FAFSA will request this coming school year will show his previous income. I’m not sure what this is either, but I’ll estimate around $50k.) I would also say that my dad makes between $50k and $60k annually.
My mom has mentioned that she is unwilling to help me financially in college. On the other hand, my dad is willing to. Is there a way that I can use his information for the FAFSA in order to get the “true” EFC and an accurate assessment for need?
Stay with him more than with your mother this coming year. Keep track. If you are already at nearly 50%, it should be easy to do. If you fill out the FAFSA this October, figure out how any of the remaining nights you need to sleep at your father’s home.
Yes, it is the parent whom you lived with more in the 365 days immediately before filing FAFSA whose information goes on the FAFSA.
If that is your mom and she is remarried, then her husband’s income also has to be reported.
FAFSA doesn’t require a parent to pay, it determines from family income, assets, household size and number in college if you qualify for any federal and maybe state financial aid.
Whether your mom or dad are required by court order to pay for college, as part of their divorce settlement, that is a different question.
You need to live with your dad more than 50% of the time for the year prior to the actual date you file your financial aid forms.
So…plan to live MOST of the year with your dad. If you do so, you will be able to use HIM as your custodial parent for the FAFSA. He would need to include any spousal or child support he receives as well as his income.
Beware…colleges that use the CSS Profile…many of those will use your custodial parent info via the Profile…but will require the non-custodial Profile be completed by your non-custodial parent.
Also, there are some schools that do not require the non-custodial parent Profile, but do ask for non-custodial parent info sometimes. (Vanderbilt comes to mind).
So…check your college application list.
The schools that guarantee to meet full need will require financial information from BOTH of your parents…with the exception of University of Chicago.
For schools that do not meet full need…all you are guaranteed is the $5500 Direct Loan for freshman year…and whatever portion of the Pell grant you are eligible to receive (Max is $5800). That total will not pay your costs at a residential college that does not guarantee to meet full need…so how will you pay the remaining costs?
With a $60,000 a year income…how much is your dad able to contribute annually to your college costs?
In addition, those colleges that meet full need are highly competitive for admissions. Do you have the stats to be a competitive applicant?
Thanks for the responses, everybody. I understand that I could spend more than 50% of the time at my dad’s house, but what if my mom always claims me as a dependent on her tax returns? Does that affect anything as far as this goes?
But you might ask if your mom will let your dad claim you for 2016 if he would qualify for AOTC and she might have too high of an income to claim the credit.