<p>My parents have been divorced since I was in fourth grade. They split physical custody and my dad pays child support to my mom. I was wondering when filling out financial aid forms, should we include both of my parents assets or just one? I have looked around a lot for an answer but can not find one. If it matters the three main schools I am applying to are UW-Madison, UW-La Crosse and Michigan Tech. Also if you could link your answer to an official website or something similar, I would be very happy! Thanks!</p>
<p>For the three schools you listed, you only have to fill out FAFSA which becomes available to complete on 1/1/2015. THe parent with whom you spent the most time during the year before you fill out the form, is your custodial parent for FAFSA and only that parent’s financials are used. IF time spent is the same, the parent who spent the most on you is the custodial parent. In such a case, it is wise to pick the parent with the lowest income/assets and make sure you just spend one day more with that parent during the 365 days before you fill out FAFSA. If your mother is the custodial parent for FAFSA purposes, the child support your father pays is included as income to her. </p>
<p>Which home will you have spent more overnights at in the 12 month period prior to the day you will file the FAFSA? </p>
<p>So basically to summarize. Since my mom is a school teacher and I spend most days and nights in the summer with her, and half the nights with and weekends with my dad, I can count only my mom’s salary and child support for the financial aid?</p>
<p>If you reside primarily with your mom, for FAFSA purposes, you use your mom’s income and assets on the FAFSA. She is your custodial parent. Your dad is your non-custodial parent because you spend less than 50% of your time living with him.</p>
<p>Your mom will need to include her income and assets, and any child or spousal support she receives as well.</p>
<p>The colleges you mention only use the information on FAFSA to calculate financial aid. For FAFSA, you are only required to list the income and assets of the custodial parent in the case of a divorce. Only married parent have to list both incomes. So you list your mother only. You can follow the instructions for FAFSA to see this. Here is also a good aid page with explanations:
<a href=“Divorce and Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid;
<p>Thanks so much for all this information guys!</p>
<p>And you must include any child support that your dad pays for you and any siblings.</p>
<p>On a side note, have you asked your parents how much they can spend each year for the next 4-5 years for your college expenses?</p>
<p>Are you a Wisconsin resident?</p>
<p>How many days in a school year? How many days in the summer? Do you spend every weekend with your dad?
You might want to add the days up to make sure.</p>
<p>Assuming 180 school days, 2 days a weekend x 52 weeks = 104 days that would be 90 +104 = 194 for dad.
For mom 90 + 81 summer days (365 - 284) = 171</p>
<p>I think she said HALF the weekends, not all.</p>
<p>Yes that’s what I was wondering, every weekend with dad all year round, even summers? </p>