Hi, I’m a spring admit at USC. I have a couple questions regarding financial aid when I reapply.
My parents are divorced, and I’ve been living with my mom 90% of the time since i was 4. But my “primary” parent (Mom) isn’t remarried, so they had to take into account not only my dad’s financial information, but my new stepmom’s financial information as well. /: So three incomes combined.
I’m not gonna lie. My dad makes six figures. So does my stepmom. So I didn’t get squat in financial aid. No scholarships, no nada. My dad agreed to help me cosign for govt loans, but he’s not going to be able to help me pay for a lot of it (naturally). Because even he can’t afford 60k a year for tuition and living expenses. He’s not a millionaire. And now I’m scared I’m going to graduate with 200k + in student loans.
But heres the thing. My mom only makes around 30k, she’s not a home owner, and she had to file for bankruptcy about 2 years ago. I know if they just considered her income, I could get a lot more help. She’s dating this guy, and they’re considering getting married soon. He doesn’t make all that much either.
If they get married by the time I have to reapply for fasfa and financial aid, I only have to report my mom and my new stepdad’s incomes correct? Because she’s the primary parent and married? Or will they still consider my dad and look at my previous fasfa and see that my dad makes a ton?
It would be really helpful if any of you let me know. Because if they only consider my moms and “stepdads”, I know I will qualify for a lot of aid, and i wouldn’t be stressing out about 60k a year. Thanks again.
If your parents are divorced and you’ve been living with your mom since you were 4, your dad’s information (and his wife’s) is not and would not have been required on FAFSA. If USC uses the Profile form and requires non-custodial parent information, your dad’s information (and likely that of your stepmother) will be needed, even if your mother remarries.
First of all, your aid for this school year (including spring) has been determined based on your mom’s marital status at the time you applied.
You cannot afford THIS school. Do NOT take out those loans. You’ll never be able to pay them back. Your dad isn’t doing you any favors by agreeing to cosign.
USC is a Profile school and does require the NCP. Do you see a notice that NCP isn’t required if custodial parent remarries? That isn’t usual at most schools. Just a few allow for that.
Belknap and BrownParent, it’s not for FASFA it’s USC’s financial aid form.
I believe it’s through CSS
If your mother gets married, then they’ll consider all FOUR parents’ income. They aren’t considering your father (and his wife’s) income because your mother isn’t married but because he’s your parent. If your mother gets married, then her new spouse’s income will also be considered at a FAFSA only school too, but your household size will grow too.
Honestly, pick another school.
^ THIS. The school will STILL consider ALL four parents incomes.
Yes I know it isn’t for FAFSA. Read what I said. That is why I told you that USC is a Profile school that requires NCP info. That is what is listed on the College Board CSS Profile page for USC. USC doesn’t use it’s own forms, it uses CSS Profile. I don’t see any allowance for omitting the NCP if the custodial parent gets married. That is why I asked if you see any such waiver, because it isn’t typical. Only a very few colleges will waive the NCP and spouse income. I don’t see anywhere if USC does, do you?
I think you need to face fact that this college is a disaster financially. If your father won’t pay most, then he would be crazy to cosign 200k of debt. Because the fact is you will not be able to make the payments on it. So your father will have to unless you will both default. Get your applications in NOW for next fall enrollment elsewhere, do not delay.
Most good financial aid schools require non-custodial parent financial information. These, including USC, will be unaffordable to you if your father has high income but will not pay.
Known exceptions are Chicago, sometimes Vanderbilt, and some (not all) public universities *for their in-state students only/i. You may want to include those schools when you reapply to a new list for fall 2016 entry. Do not attend any college this year, at least not without checking each college’s criteria to consider you a transfer applicant instead of a frosh applicant.
In addition, consider schools where you can earn merit scholarships. These do not depend on parent finances, although some may require a high college GPA to renew them up to four years.
http://automaticfulltuition.yolasite.com/
http://competitivefulltuition.yolasite.com/
http://nmfscholarships.yolasite.com/ (if National Merit)