<p>I'm the mother of a daughter going away to college next year. I am also engaged and was hoping to get married next year. I was told that my daughter would get more financial aid money if I am a single parent. If I were to get married but file my taxes as "married filing separately", would she get the same financial aid as she would if I stayed single? I'm just trying to figure out if I can plan a wedding, or if I will be waiting several years.</p>
<p>If you and your husband are living together, it does not matter if you are filing separately, both incomes will be counted. So, no you will not get more financial aid.</p>
<p>Even being a single parent does not translate into getting more money. All it means that you are the only income taken into consideration regarding eligibility for federal student aid. What your daughter would get in federal aid would not cover the cost of attendance, especially if she is going away to school.</p>
<p>If she is attending school that gives institutional funds, some may ask for the income assets of the non-custodial parent (her father). In this situation, if you marry the school will be looking at the income and assets of 3 people (4 if her father has married).</p>
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No. You would still have to report your spouses income.</p>
<p>Whether being married or not will make a difference will depend on whether you are eligible for much in the way of aid in the first place. That will depend on your income and assets and the type of school your daughter is attending. If you are not eligible for much aid then getting married will not make much difference. If you are eligible for aid then getting married will almost certainly reduce it (assuming husband to be has an income).</p>
<p>Is your daughter’s father around? If he is living, even if there has been little to no contact, many schools will require his and his wife’s (if any) financial information as well as yours and your husband’s (if any).</p>
<p>As others are saying, it may not make much difference in terms of aid. Run your numbers through the FAFSA estimator. If your Expected Family Contribution is low enough for your D to qualify for PELL money, that is a maximum of $5500. Your state may also give funds for those with low FAFSA EFCs. But if you are making a middle income salary, it is doubtful you will get a dime that way. At best your D would get some subsidization of Stafford loans, meaning a lower interest rate and no interest accrual while in school. For freshman year, I believe the sub portionis about $3500. </p>
<p>Few schools that use FAFSA only tend to meet full need, and the generous ones tend to want both parents’ financial info, so your D’s father and step mother will come into the picture. Now if there is no father in the picture, and your D is applying to schools that tend to meet full need, adding a step dad 's assets and income in the picture could make a big difference. I would run some sample numbers to see.</p>
<p>Married, filing separately, will not exempt your spouse from PROFILE and other college fin aid forms.</p>
<p>Sounds like you may need to delay getting married. </p>
<p>*If I were to get married but file my taxes as “married filing separately”, would she get the same financial aid as she would if I stayed single? *</p>
<p>No…because you would be benefiting from your new H’s income…helping with rent/mortgage and other household expenses. Your income alone would not be supporting your household.</p>
<p>You can run the calculations with and without your prospective husband’s income and see what happens with your EFC.</p>
<p>Include both your fiance’s income and savings/investments in the calculations.</p>