Here’s the situation:
I am a senior in high school (class of 2016)
Parents are divorced. Mom has physical custody and both mom and dad share legal custody. No legal child support arrangement.
Mom makes ~120k
Dad(remarried) makes ~40k (Stepmother makes insignificant amount)
I would be living more than half of the past year for FAFSA requirements with my Father. My mom and dad used to live in the same city. I used to live with my mom but she moved to another city nearby and so to remain in my old school district I have started living with my father. School records come to my fathers address if that info is needed.
Now here is my question: Can I put my father as my custodial parent on the FAFSA form? Will any issues come up because mother has physical custody? Any other suggestions? Thank you
You put the parent with whom you have spent the most time (overnights) with for the 365 days before you file the FAFSA. If you file on Jan 1, it’s for the entire 2015 year. If you file Feb 1, you count the overnights from Feb 1, 2015 through Jan 31, 2016.
If you determine your father is the correct parent to use, you’ll have to include your step mother’s income, no matter how insignificant.
Thank you very much for your reply! Another question - my mother will doing her income tax returns with me for this year. Will this cause any hiccups in the process? Also, does FAFSA require some kind of proof with who I spent more of the year with? I don’t have any info logged and thats why I’m asking.
Does your mom pay your dad child support since you’re spending more time at his home?
No child support going either way
No, you determine which parent you spent more time with. Much of the FAFSA requires your honest answers - how much in assets in bank accounts, address, etc. Some of the information comes off tax returns, which of course requires you to be honest in doing your taxes.
It doesn’t matter which parent takes the deduction for tax purposes, you can still use the other parent as the custodial parent if you meet the definition.
but, don’t for one moment think that because you are using your father’s and stepmom’s (yes, you must include her)income and assets that you are going to be eligible for a lot of money. The only thing that the fafsa does is determine your eligibility for federal aid. If your stepmom makes 20k and you are the only child , you may end up not even getting Pell, just a $5500 loan.
Most schools that give the most institutional aid will require either the CSS profile or their own financial aid form where they will ask for the income/assets of both of your parents. Even Questbridge, will ask for the income of your non-custodial parent.
Make sure that you are having a conversation with bothof your parents to find out how much they are willing to pay/borrow for you to attend college. Make sure that you have some financially feasible options.
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Dad(remarried) makes ~40k (Stepmother makes insignificant amount)
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How much does SM earn?