weird question about my parents incomes.

Paying for College
1

<p>ok, so im just finishing my junior year in HS, but im starting to think about how i'll pay for college and i have kind of an issue.</p>

<p>so basically my parents split up about 6 years ago. we've never had lots of money and my mom needed health insurance, so my parents never got a divorce because they didn't really have a reason to. it wasnt hurting them, tax-wise or anything. but they've been living as if they're divorced the whole time, they just arent. and i live with my dad. he makes <40,000 a year and just bought a house so i expect i should get a pretty good financial aid package, but will the fact that my parents are still "legally" married change anything?</p>

<p>sorry if thats a stupid question im just a bit worried. because together, my rents make around 75,000 a year, which is a good income for just a family of 4, but they pay their own bills, rent, and taxes seperately. so. errr. any idea? sorry for the novel! haha thanks.</p>

2

<p>FAFSA treats separations the same as divorces: they only ask for the custodial parent's income- custodial parent is the one you've lived with the most in the last 12 years. So on the FAFSA application, you'd only list Dad's <$40K income (this assumes he doesn't receive support from your Mom). The house won't play into it at all, assuming it's your Dad's primary and only residence. With <$40K income, you'd likely be looking at a very low EFC, and significant need-based aid offers. (Note also that with 40K income your dad might be able to qualify for the Simplified Needs Test, where all assets are excluded).</p>

<p>But that's just the FAFSA. If your target schools also require the Profile (many privates do), there's a different set of rules, and both parent's income will be considered.</p>

<p>You can use the finaid calculator to try out various numbers. The goal is to get the lowest EFC, thereby maximizing potential need-based aid.</p>