I am trying to get a feel for the effect a new stepparent has on the financial picture. I was hoping some of you could share your experiences - even if generally - when a new marriage occurs. I guess I am wondering if all parents are given the same weight in a school’s calculation. I do understand each school is different. And I am asking this question for schools that use the CSS Profile.
So - without going into details and to make it brief - here is my story. I am getting married in June. I will have two kids in college this coming fall (2017-2018). Ex and I have an EFC that has provided a good amount of financial aid.
Next year (2018-2019), my stepdaughter will head off to school. Her father, my soon-to-be husband, would not qualify for any aid on his own - not rich by any means - just upper-middle class guy who saved a lot for college and invested.
Now - understanding that they see each “family” as the three parents - would having three kids in college decrease the EFC for his daughter? I imagine that it would increase my kids’ EFC a lot.
We are only looking at schools for my stepdaughter that offer a lot of merit. Could it be possible that we get some financial aid for her?
I am not looking for a conversation on why we chose to get married knowing it would impact our kids financially. We would still follow the same path. I am just wondering what to expect.
Will your husband be the custodial parent? If your husband is the custodial parent, it would be your income, his income 5 in the household and 3 in college.
You can run your numbers through the fafsa4cster to get an idea as to what her EFC will be (if you are receiving child support from mom, that must also be included on her fafsa). This way you will get an idea of what her EFC will be along with the EFC of your two kids because their EFC will change now that you have getting married.
If the school needs the CSS profile and the non-custodial profile, then the EFC will be based on two households; yours and your stepdaughter’s mom (and spouse if she remarried).
However, if your stepdaughter lives with her mom and applies to a school that is fafsa only, then only her mom’s (along with stepdad if she remarried) income and assets will be considered.
All schools use CSS Profile. I didn’t think that the FAFSA carried any weight when using the Profile. Am I wrong about that?
I am the custodial parent for my boys. Stepdaughter is 50/50; she would likely choose Mom for FAFSA, but I didn’t think it mattered when using CSS Profile.
One more thing: Because they now use prior prior year, how does that affect things? Sigh. I am trying to be informed, but there seems to be so many uncertainties.
The stepD has to use the parent on FAFSA whom she lived with more in the 365 days before filing FAFSA. If she lived with each parent exactly the same nunber of days, I think it then goes by the parent who provided more support.
With prior, prior year, you would indicate your marital status that applies as of the date the FAFSA is filed, and then both spouse’s income from 2016 would be listed on the 2018/19 FAFSA.
^^No. Siblings in the household are included in number in school but those not in the household aren’t. If new husband is paying support, that amount goes on another place on the CSS.
If new husband’s ex isn’t remarried, and will not benefit from being the household for the FAFSA, you should make sure the daughter spends one day more at your house. Having three is college at one time may be a big benefit.
So that makes me feel better that DH would at least benefit from having two stepkids in college, especially if he is suddenly an expected contributor to their fincancial aid situation.
SD definitely spends more time here. And we contribute to most of her financial needs.
In fact, DH owns the house his ex lives in (she pays minimal rent), so his daughters have a decent place to live.
Charging discounted rent doesn’t make her part of your household. He could charge discounted rent to his old college friends or brother or tenants who have been there a long time, but that doesn’t add them to your household. If they spend more overnights with you, just make sure the FAFSA and CSS are filed by new husband. Support is the second level of consideration, and only comes into play if the student does not spend more time (overnights) with one parent (most common is if child lives with neither parent).
Whether it benefits the step daughter to be in a household with 3 college students really depends on the income. Yes, she’ll get to add your two children as more college students, but she’ll have to add your income also, just as your kids have to add new husband’s income.
Whether it benefits to have three in college also depends on the financial aid awarding policies of the COLLEGES.
If the schools do not guarantee to meet full need for all, this might not matter one bit in terms of the actual need based aid this student or siblings receive.
While your stepdaughter may benefit because there will be three in college (and, as you said, she would not have received FA even if you did not marry her dad), your two children may drastically see a reduction in aid based on your new husband’s additional income.
Thanks all. I do know that my kids will see a reduction in aid.
Re: the extra house. I know that doesn’t make DSD a member of the household. She stays with us more and we support her more in every way.
But, even if she stayed with her Mom more often and used her for the FAFSA, the Profile overrides all of that anyway and the three of us are lumped together into one EFC, right?
I started this thread b/c I just wanted to make sure I was going down the right path of merit schools only. I didn’t want to mislead DH, as this is his first one to send off. I figured that if there was a chance of her receiving some financial aid, the options might expand.
Oldest has graduated from Oberlin and works there now.
Susquehanna son has a lot of merit.
CMU kid will not have merit. He is the one I worry about.
Extra house: Thanks for that info. I am absolutely aware that it will be considered an asset. There is nothing legally written up as a rental. She pays in cash or check (usually) every month. Still income? I’ve actually never asked him how he reports it.
Thank you both. Yes, once Susquehanna kid graduates, there will only be two in college.
CMU for #3 is the likely choice. Going to Columbia this weekend for admitted students, but S is not a fan of the Core. He is on the waitlist for MIT, but will likely commit to CMU until he hears. Not expecting good news from MIT, though. It would be nice, because the likelihood of f/a would be more certain, I think.
He did get merit from Rochester and Case.
And you are spot on. We have the SD, who will graduate in 2018 and we have two younger girls - currently in 7th and 8th. Day to day, my life doesn’t seem crazy. Reading about myself on these threads makes me shake my head!!