Income Special Circumstance?

Paying for College
1

<p>I have a couple of complicated questions regarding financial aid for my son, who graduates in 2011. I have ball-parked our EFC using the College Board calculator Federal Methodology, and it usually comes up in the $2500 range. We have no contact with his biological father, other than through the check we receive every month from the courts - he and my son have never met. </p>

<p>My husband (my son's step-father) is retired and drawing social security. As the mother of two minor children, I also receive social security benefits for each child until they reach the age of 18. My son will turn 18 the July before his freshman year in college.
His Social Security benefits, combined with the child support I receive for him, totals approximately $900.00 a month. </p>

<p>1) My assumption is that our "base" year for financial aid eligibility is this year - 2010, during which I am receiving full benefits/child support that will disappear when he turns 18. My job income is in the $40,000 range. Is there any way to get the $10,000 loss of income that will occur on my son's 18th birthday accounted for when determining financial aid eligibility?</p>

<p>2) Do I somehow have to obtain financial information from my son's biological father, with whom I have not spoken in 16 years?</p>

<p>3) When the EFC Calculators ask about "Untaxed retirement income" - are they referring to my husband's IRA, which is a roll-over from his 401k?</p>

<p>Sorry if these questions are all over the place. I've been to a couple of "Financial Aid" nights at local schools, but I get blank stares when trying to ask some of these questions....</p>

<p>Thanks, all -</p>

2

<p>If it’s FAFSA only schools your son is applying to, the schools will look at just your and your husband’s income and assets. As they expect that college will not all be paid for out of pocket (they assume savings and borrowing) most would base his first year on this year’s income and the EFC would go down the following year. You can request professional judgment when he is accepted and some schools will consider the loss in income for his first year.</p>

<p>At schools asking for CSS Profile, they will want his bio father’s info too. Since he has paid child support they know he can be found. Whether or not he wants to contribute to college expenses, and is not required to in most states, most of these schools will expect him to.</p>

3

<p>As Hmom points out, some CSS profile private schools will expect the NCP’s info since he has been paying child support. </p>

<p>If you want to avoid that issue, then have your child apply to your in-state public schools. They generally will only ask for your family’s financial info. I wouldn’t bother with OOS (out of state) publics unless they give merit scholarships, and your son’s stats qualify. OOS publics don’t meet financial needs of OOS students.</p>

<p>There are privates that don’t ask for NCP info. However, those are generally the ones who don’t meet need (so the FA package would have a big gap). :(</p>

<p>NCP = non custodial parent.
FA = Financial aid</p>