Financial Aid, Divorce and Domestic Violence

Paying for College
21

There are certain circumstances that will lead to parents not having to report assets on FAFSA. Parental assets are assessed at 5.64%, same as they have been.

You will have to report 100% of child support received for all kids as an asset, whether you have spent it or not, and I agree with thumper, I think it’s in the year you are filing fafsa, but I’m not certain about that. Hopefully kelsmom knows.

The new FAFSA changes/SAI formula aren’t even final yet, and FAFSA won’t be available until Dec 1 at the earliest. We are all just learning.

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22

I looked at the text of the Act, and it doesn’t specify if it’s the amount received in the base year or the amount that will be received during the award year. I will keep digging to see if that has been clarified.

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23

Found it! FAFSA draft says, “Enter total amount the parent received in child support for the last complete calendar year.”

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24

Thanks, I will too. I think public comments are still open too, and I am going to add in some of the issues surrounding child support.

25

So if a child is starting college fall 2024, the child support for all of 2023 is what is to be listed?

Well…nothing like making things confusing…

  1. Income is prior prior year so that will be 2022.

  2. Child support is for the last complete calendar so that will be 2023.

  3. Other assets are as of the date of filing the form.

:woman_facepalming:t2:

@kelsmom Quick question…so if a student completes their FAFSA as soon as it’s released in December 2023, would that kid’s child support be for 2022…because 2023 wouldn’t be complete???

@Mwfan1921 put this in your questions.

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26

Exactly. Confusing, right? And if they must collect child support information in a different way than the rest of the information, it would make more sense to ask for the amount of child support expected to be received from July 1, 2024 through June 30, 2025 … because child support typically disappears when the student turns 18.

27

@kelsmom i do think the child support question needs to be its own. Just like the tax deferred retirement rollover question.

28

This doesn’t apply to me, but now I’m curious.

If my kids had different fathers (mine don’t), then the child support for my younger kid would be expected to be used for my older child?

For our situation, it doesn’t sound like the child support is going to be a major factor.

29

All income and assets are considered resources that help to determine the relative financial strength of the family.

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30

Exactly. It’s a family contribution…so all resources are considered.

I don’t think this is any different than having to list ALL 529 accounts.

31

But verify on the college web site, since some information may be incorrect or out-of-date. Also, there may be some colleges that use their own forms (e.g. Princeton, which normally requires non-custodial parent information unless the custodial parent has remarried).

32

But I think they might make an exception if there is a restraining order against the non-custodial parent.

33

What if there is an expired restraining order?

34

You would have to ask them.

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35

You are going to be asking for a non-custodial parent waiver at CSS profile schools that require NCP financials…most schools have a form for you to complete, some have on their websites.

You don’t have to do anything at FAFSA only schools.

36

I know, but that is pretty late in the process. It would be nice to be able to guess.

Because a school that didn’t waive it I think he couldn’t apply.

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37

I get it, but not sure any FA group will grant a waiver without an app, all you can do is call and ask. Have you talked with any FA staffers at any schools yet? IME you have a good chance at getting NCP waivers, but have to go thru the process.

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38

@Sportsball

You can request a Non-custodial parent Profile waiver really any time once applications have opened. Find out what the school process and get the waiver form completed.

39

I know, it would just be nice to have an idea before we start looking it certain schools won’t be options.

Is there a list of which schools need the CSS?

40

I linked to it in my earlier post.

Here it is again

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