<p>Level-headed and strategic-thinking friend. I am fortunate to have had one of those, when I got started. It’s a case of not overstating nor understating, providing just the right info, in that context. </p>
<p>Even if the CPA fills it out (and mine is absolutely unschooled in how finaid works,) your friend still has to supply the detail and determine what the appropriate answers are. Not all the questions come straight from the tax returns. </p>
<p>You can look at a sample worksheet and see the sort of detail it asks for. I’d say do that soon, take a stab at it, just in case, and leaving time to post CC questions. Getting the numbers into the boxes is the easy part. Personally, I was more comfortable doing it myself than risking any other party could interpret as I could, considering what they look at.</p>
<p>Between the 529 and private loans stuff I actually wonder if your friend’s husband is having financial problems. Just because he makes a lot doesn’t make that impossible depending on his life style and vices. </p>
<p>Did your friend have a court appointed mediator when they did their divorce? Is that person still available? As a lawyer, I would guess that explaining all this FA stuff to a judge could run a couple thousand in fees (depending on where you are, more) but still think there might be benefit in telling Dad that if he wants to change the legal status quo then HE needs to file for a modification and the court can figure it out. Including his current income, etc. And he will have the burden in front of the court. </p>
<p>That said, your friend needs to suck it up and do the profile.</p>
<p>*Between the 529 and private loans stuff I actually wonder if your friend’s husband is having financial problems. Just because he makes a lot doesn’t make that impossible depending on his life style and vices. *</p>
<p>Excellent point. The fact that he’s telling the mom to take out the loans and “he’ll pay them back” (ha ha), suggests that either his credit is bad/over-extended or he plans on screwing the mom.</p>