My parents are not together anymore and I live at home with my dad for the last year. My mother left us and owns her own home now. I’d like to know how should I fill out my FASFA. Does my moms assets affect my application if she isn’t living with us and doesn’t contribute to our home? I really don’t know much about her for the last year. I know only a few things of my mom from friends whom have told me she owns a home. My parents have been estranged now for the last year and a half but not divorced.
FAFSA goes by the household the student lives with the majority of the time, so your dad is the custodial parent for this purpose.
Some schools (generally more selective private ones) will also ask about the noncustodial household as well. Read the financial aid websites carefully and file all the correct forms.
To be clear, noncustodial parent information is never part of the FAFSA process.
Where are you applying to school? Some schools require CSS Profile and will ask for your mom’s info.
@kelsmom
Since parents are separated and now it sounds like they own TWO homes…one for NCP mom, and one for NCP dad. Since they aren’t divorced, and mom’s home was purchased while still married, would dad’s home be “his asset” on FAFSA (not split)?
@JacTac did your dad buy your mom out of “her half” of the home you live in? The assets aspect seems a bit tricky, because since they’re both still married to each other (using marital funds), presumably both homes are a “shared asset” or one home is now completely dad’s asset and one home is mom’s asset.
No, it sounds like OP’s noncustodial parent owns a home by herself (the parents have been “estranged now for the last year and a half”), which if accurate would not be reported on FAFSA because it’s strictly a noncustodial parent asset. As OP’s primary residence, the custodial parent’s home would also not be reported on FAFSA.
I know very little about my moms assets. We haven’t seen each other for a year now. My dad did not give her money and I’m applying in Florida at FIU and I’m still considering other schools. Im just asking because I saw in another thread a question about fasfa asking about net worth of parents assets. Thank you
If the parents are really separated…the mom’s info…including her home…are NOT included on the fafsa…at all.
This student resides with her dad. For the fafsa, she would include her dad’s information only…but including any child support or spousal support received.
If the mom and dad still have joint assets, the dad would include only his share of these assets…probably half of anything jointly owned…plus anything owned solely by the dad. This does NOT include the residence the OP lives in with her dad.
On the fafsa, the student would indicate separared or divorced…whichever applies. NOT married.
Remember, you are using financial information from the 2015 taxes. If the parents filed a joint return that year, you will not be able to link to the IRS data retrieval tool…as it would have income from both parents. So order a tax transcript from 2015. In addition, you may need W-2 forms to show the actual income of your dad…not including your mom.
@kelsmom @BelknapPoint Please add or correct anything I’ve written here. I think I have it right.