FAFSA Divorced Parents Q

Paying for College
1

<p>I understand from the FAFSA that the child is supposed to provide the financial info for the parent they live with most, or the parent who provided the most support. Our son splits his time equally between us, and dad and I split expenses.</p>

<p>So, know I'm thinking it comes down to which parent is the smarter choice to get our son the best financial aid package? Any advice? I'm kinda leaning one way but I could use a double check. </p>

<p>A few points:
-I have no idea what dad makes these days. I think dad makes less than I do right now, but I'm not sure. He owns his own business and is in stocks --and I know with the economy as it is, he's probably taken a big hit.</p>

<p>-Dad also has another, younger son who's 16, who MAY also go to college when he graduates.</p>

<p>-Dad didn't complete college</p>

<p>-Dad is a veteran</p>

<p>-Neither of us are remarried</p>

<p>-Me: I make less than $55k, I'm a single parent too, and I earned a masters degree.</p>

<p>So, my income isn't fab for someone with a masters. LOL. But, I'm wondering, even if Dad makes more than I do, since he has another dependent, is a veteran, and didn't complete college, that he may be the better choice for FAFSA. </p>

<p>Am I thinking correctly here?</p>

<p>thanks!</p>

2

<p>I don’t think FAFSA cares whether a parent is a vet or a college grad.</p>

3

<p>The other dependent would make some difference.</p>

4

<p>It doesn’t matter if he is a veteran or what anyone’s education is. What matters is: income, family size, assets. If a school also requires the Profile or their own form, his business may be valued in a particularly bad way or they made add income back in for him. Some schools that require Profile or their own form want both parents to fill them out.</p>

5

<p>Is that other child living with the dad? Or does that child live with his mother? If so, that child won’t count as a dependent on FAFSA for the dad…and won’t count when he goes to college either.</p>

<p>Also, some schools are going to look at both parents incomes, so consider that as well.</p>

<p>Is the dad going to contribute towards the child’s education? Are you? If both will be contributing, then that will get considered on future FAFSAs.</p>