<p>I'm currently a senior looking to apply to selective schools (some ivies, Vanderbilt, UNC, UVA, USC). As far as my stats go, I am confident that I will be competitive enough to gain admission to most of the schools. Earlier in 2014, (late junior year) my dad moved out and my parents are in the process of a divorce. They have already gone to court and filled out paper work but the divorce is not yet final. For all of the divorce process, I have lived with my mom and will plan on continuing to live with her for the rest of senior year. My mom's income is extremely low (>15,000) because she works as a part time social worker; on the other hand, my dad works as a lawyer and makes six figures. I'm assuming that my mom will get the family house and some of the assets will be split up. My dad has a lot of money in investments and has also invested some money in a college fund in his name. I don't have any siblings or any other factors that would affect financial aid. I know that the FAFSA will only take into account the finances of my custodial parent, which will be my mom. Most of the schools that I'm applying too will also use the information from my dad as well.</p>
<p>My question is how will the stats from my dad affect financial aid and whether or not the emphasis will be placed on my mom's income or my dad's in regards to the EFC. Also are there any selective schools that don't take into account the income from the non-custodial parent?</p>
<p>Most of the private or selective schools do use both parents’ assets and income. You just have to answer the questions asked (Who did you live with for the last 12 months? Custodial parent’s income? NCP?). You can try running the NPC as if they are divorced now and see if you can get an estimate.</p>
<p>Because your mother doesn’t make as much, you may qualify for the Pell grant off the FAFSA. The rest will probably require income/assets from both.</p>
<p>If the school requires the non-custodial parent Profile, then it is a safe bet they will be considering your dad’s income in the equation.</p>
<p>Any spousal support or child support must also be listed on your mom’s FAFSA and Profile forms. One would hope that she gets both.</p>
<p>If your mom’s income is that low, and she is your custodial parent, you could very well qualify for a Pell grant, or a portion of one. The Pell is based on the FAFSA only, and your mom would be the only earner listed on that form. But that is only $5730 if you get the whole Pell.</p>
<p>Is there any chance your parents are including your college costs and some provision for paying them in their divorce settlement? </p>
<p>Is the money your dad saved in a 529 that he is the owner of? It really has to be used for college expenses. How much is in that account?</p>
<p>If you are a strong contender for admissions to these highly competitive schools, you might also consider adding a school where you would qualify for significant guaranteed merit aid to your list.</p>
<p>Thumper, I’ll have to talk to my parents about the college costs in the divorce settlement because I don’t know a whole lot about it. I’m pretty sure that the college money is saved in a 529; I’m not sure on the exact amount, probably around 150k to 175k</p>
<p>I’m certain that my family can pay for almost any school with little debt in the end but I’m concerned that I won’t be able to pay for grad school if I go to a costly private school or out of state public</p>
<p>Paperhairboy…you need to talk to both of your parents about college. You need to find out how much they can reasonably pay for you for each of your hopeful four years of undergrad school. It is very possible that you will need to work within the budget they set. The schools you list give primarily need based aid, and all require the Profile…and likely both parents versions. </p>
<p>Certainly, apply to these schools…but also have some affordable colleges on your list. Where are you instate? That could be your best bargain. The 529 money you have would likely cover the full costs if attending.</p>
<p>You have $150,000 in 529 money. That would be almost $40,000 a year for you to use for college costs. With that amount of money, you will have plenty of college choices.</p>
<p>That $150,000 will be included as an asset on your dad’s non-custodial parent Profile form. It will reduce the amount of need based aid you receive. </p>
<p>I understand that your mom doesn’t have a huge income,and your dad does. I would be very surprised if your mom does not receive spousal support, and child support (which might not be for long…but she should be awarded this) given your dad’s income. Those amounts will be included on your mim’s FAFSA and Profile. Without knowing those amounts, it is impossible to predict how much aid your schools will provide to you via the FAFSA only.</p>
<p>The figures for 2014 will be used on the FAFSA for your freshman year of college…and on the Profile as well. It is possible that you could receive the Pell (but really the max Pell is $5730…which is a drop in the bucket).</p>
<p>Sorry if I’m confusing, my parents CAN pay for college. I might be limited in options if I want to go to an expensive grad school because we can’t easily pay for six years of college but four would be manageable from the college account. I live in Oklahoma so my in state options are OU and OSU. I know that I’m applying to OU and will qualify for an automatic merit-based scholarship based on test scores and gpa. I don’t want to sound snobby but I really don’t want to go to school instate. I also will apply to other schools that will give merit aid. </p>
<p>If you have enough to pay for undergrad anywhere, that is terrific. If you can get a merit award someplace, you can save some of your college money for grad school. OR you can work for a few years and fund grad school yourself.</p>
<p>Really, your situation is NOT a tricky one at all. Yours is actually a very good situation. You have money to pay for undergrad anywhere you choose to attend. Many students whose parents divorce find that they have very limited resources after a divorce. Divorces can be very costly…including the dividing of assets, etc.</p>
<p>Count your blessings. You have the money to pay for undergrad anywhere. Honestly, there are not too many students who can say that with confidence…divorced or married parents.</p>
<p>Please understand that your great stats will make you competitive for the schools you list but they are all highly competitive. There is a chance you will not make it into any of them. Make sure you have a safety that you would be HAPPY to attend in case that happens.</p>
<p>Agreed. This is a pretty straightforward situation. And on top of that, you are very mature to be thinking ahead toward grad school and how to best use the resources you have. Good luck…and don’t forget to apply to a few safeties. :)</p>
<p>OP: Unlike most schools, Vanderbilt usually does not look at the non-custodial parent’s assets when determining financial aid. So if your mother becomes your custodial parent and lists you on her tax return (in other words, she files as head of household) you may qualify for aid despite your father’s income and the 529 funds he owns. So since Vanderbilt is already on your list I would definitely recommend researching its financial aid policies. Good luck!</p>
<p>goodenoughparent, I don’t think that’s correct. Any school that uses the CSS profile (which Vandy does) will ask for the non-custodial parent’s info–as well as that of any stepparents, if memory serves.</p>
<p>Sounds like your mom is going to have substantial assets after everything is split. Sounds like she will get spousal support, that will likely push her income above the level where assets won’t count…I think.</p>
<p>Don’t worry about grad school now. Schools aren’t going to give you extra money just so that you can save your college fund for grad school. If you truly want to save your college fund for grad school, then go to a school where you will get big merit.</p>
<p>What are your stats? What is your major and career goal? Are you a likely NMF?</p>
<p>The above is the important info regarding the non-custodial parent information. This came from the FAQ section of their financial aid website. They do not usually require the non-custodial parent Profile, but they sometimes ask for this information using their own queries.</p>
<p>There are 300 Profile schools, and actually many of them do not require the non-custodial parent form. And some don’t ask for non-custodial parent info at all.</p>
<p>The OP should include Vandy on their list…but just be alerted that the school actually might ask for the non-custodial parent (her father) information somewhere in the process.</p>
<p>The other thing the OP needs to find out from schools is how they treat the non-custodial parent income/assets when computing need based aid. This also varies by school. Some don’t have the same level of expectation for money from the non-custodial parent.</p>
<p>^^^
I wonder what triggers Vandy to ask for NCP info? Perhaps when the CP is receiving substantial spousal or child support and the school suspects NCP deep pockets?</p>
<p>I wonder if that recent situation where a full-aid Vandy student’s CP died and suddenly the NCP became the CP and then Vandy learned that the student qualified for little/no aid will change Vandy’s policy in the future? </p>
<p>Remember that the OP says the divorce is NOT final. Therefore, custodial parent and non-custodial parent are meaningless - you can’t have custody issues without being divorced.</p>
<p>The tricky part is only to convince the college to take into consideration custody issues after divorce when the student’s parents aren’t divorced yet.</p>
<p>Stranger things have happened where the expected NCP becomes the CP. Then again, maybe someone with more knowledge in the area knows - do children over 18 actually have custodial and non-custodial parents?</p>
<p>I looked that up quickly, and it appears that there does not <em>have</em> to be child support for a child over 18, but there <em>can</em> be child support ordered, i.e., it’s up to the judge to order child support for a child over 18.</p>