<p>The FAFSA takes into account the age of only the OLDEST parent... presumably because that person's earning horizon (retirement age) is germane to college funding. However, what if the "oldest" parent is not the major income earner? What if older parent does not earn the majority of funds? What if the younger parent is the major income earner but faces a mandated retirement age, as is the case in many safety related occupations, i.e. airline pilot, law enforcement, etc, etc. Why isn't the younger parent's age and presumed earning horizon considered?</p>
<p>Why is ONLY the oldest parent's age considered? Is considering only the older parents age based on a possible sexist and outdated generalization that the older parent is generally male and that male parent tends to earn more? As society's dynamic changes why doesn't the government formula for determining financial need change? Just curious.</p>
<p>Of all the things that might be wrong with FAFSA that, to me, is probably the biggest non issue I have ever heard. The age of older parent is used to determine only one thing, asset protection amounts, and even if there is a big age difference it is not going to make that much difference which parent is used. A 5 year age difference where the older parent is 55 would mean a $7300 difference in asset protection, which is a 409 difference in the EFC. Not really worth making the FAFSA more complex than it needs to be. I don’t have a problem with using the older of two parents. The thing I do have a problem with is that a single parent family family gets less than 1/2 the asset protection of a 2 parent family. For instance a 2 parent family where the older parent is 55 gets $60,200 in asset protection. A single parent family where the only parent is 55 gets only $23,200 asset protection. 50% I could understand, but less than 40%? That should change. (We are a 2 parent family so it is not because it affects me, I just think it is wrong).</p>
<p>Read through the materials again. I don’t think it matters whether the oldest is the high wage person or not. </p>
<p>If one of the parents is facing a mandated retirement that will happen during the college years, you should discuss this with the financial aid officers at the colleges/universities you are applying to. Some may be able to take it into account.</p>
<p>Agree it’s a non-issue. There are more worthy “issues” to poke at with FAFSA. We’re a “flip flop” couple where the younger “earns” more than the “older” but it’s not a signifcant impactful data point.</p>
<p>issue? no.
However, small differences in FA packages often become significant when looking at 4 years of college. A $409 difference becomes over $1600 in the grand scheme of things. And if that $1600 is borrowed, add interest.</p>
<p>Using the younger parent for the asset protection would make their EFC higher. Why would someone want to do that?</p>