Financial aid for child of divorced parents

[ucbalumnus]

FAQ: Divorced parents, financial aid, and net price calculators

Divorced parent situations are common situations that get asked about on these forums. It is also a situation where many students and parents make mistakes in assumptions about financial aid or use of net price calculators, resulting in disappointment when financial aid letters arrive. Q1: What do all of these terms mean? A1: Some common terms: Custodial parent (CP): the parent the student lives with most of the time. Noncustodial parent (NCP): the parent the student does not live with most of the time. Net price calculator (NPC): a tool on each college's web site to estimate financial aid. It is not a guarantee of financial aid, and some colleges' NPCs are more accurate than others'. Free Application for Federal Student Aid (FAFSA): financial aid form for federal student aid (Pell grants, direct loans, federal work study). Uses only the CP household financial information. CSS Profile: supplemental financial aid form required by many colleges for their financial aid. CSS …