My friend and I were reading that getting married makes you financially independent and leads to your EFC being 0. We have agreed to get married for 4 years and divorce after college if this is a legit thing. Can anyone confirm if this works or not or have colleges cracked down on this loophole
Happy April Fool’s Day!
No, they haven’t “cracked down” on this loophole because they reckon only idiots would get married for FA purposes.
There is no guarantee you’ll have a zero EFC.
Even if you do, all that means is a full pell grant- which isn’t that much.
But it also means that you’re legally responsible for one another. Do you really want to be the one who has to make medical decisions for your friend if s/he’s incapacitated? (Among MANY other legal responsibilities that come with a legal marriage.)
Keep in mind also, that any money younget to help you from your parents MUST then be reported the next year on your financial aid application forms.
Really…getting married to lower tuition is not a smart idea.
I think that real marriage is a great way to get financial aid.
Sham marriage to obtain financial aid that you are not entitled to sounds like fraud. I don’t think the agreement to divorce would be enforceable because it would document the fraud.
It would be entertaining if one of you does well, and the other one demands a big settlement and alimony.
This will get you automatically pulled for verification. The school will want to know how you are meeting your day to day expenses. Any monies paid on your your behalf will be income on the FAFSA.
While getting married will make you independent for federal aid ** it will not make you independent for institutional aid**. Most deep pocket schools have polices in place that you even if you get married and are independent for federal aid, you will have to be at least 26 years old and self supporting for 5 years to be independent for institutional aid (especially if you are not an orphan, in court ordered legal guardianship or in foster care)