I am going to be applying for financial aid in January, and I’m very paranoid that I won’t receive any. My parents are divorced, the decree states that my mother only has to pay 1/3 of the tuition of the University of Iowa (where I am from). My father is agreeing to pay 1/3 of wherever I go, which leaves a lot on me.
My mother just recently remarried to a man who makes probably $120k per year. My father is an anesthesiologist and has been for 20 years, and he is also the president of his group, so he makes over half a million. My mom has sole custody, but her alimony is obviously gone because she remarried.
I guess my question is, since I live mainly with my mom and my dad only pays child support, will they only look at HER household income? Or will the fact that my father makes $500k+ a year impact it as well?
Based on what you have described, FAFSA will only consider your household income, which includes your stepfather’s income, but not your father’s. I believe that the child support your mother receives will be considered as income to her (and reportable on FAFSA).
@kandcsmom no, my child support ends in June as soon as I graduate. The child support she receives is to go towards our allowance, our car insurance, our phone bills, clothes, etc., and there are 3 of us, so I am not sure there is much to spare. I have $13k saved from various holidays from relatives, but at some schools, that isn’t enough to cover even ONE semester!
Your father’s income will be included in the CSS profile, so you won’t receive any financial aid from private schools. While FAFSA will count only your household income (mother and stepfather), that’s likely too high for financial aid from Univ. of Iowa, which has a $21k annual cost of attendance. Are your parents each paying 1/3 of tuition only, or full cost of attendance?
Your best bet is probably going to be to look for merit aid. If your mom’s household income is over $120k (with stepdad’s income), I don’t think you’ll qualify for a Pell grant. Public schools generally require the FAFSA, but private colleges may also require the CSS profile. Those colleges will count your dad’s income too.
I see that tuition for the Univ. of Iowa is less than $9k. Will your mom be willing to give you more than the $3k/year the divorce decree requires? You can only borrow the federal student loans on your own (~$5500/year, & you have to fill out the FAFSA to get them), so I think you need to find out how much each of your parents is willing to pay then start looking for schools that will give you aid for your stats.
@Madison85, OP says in his original post that his mom only has to pay 1/3 of the tuition of the Univ. of Iowa (less than $3k). With $2500 from mom, $7k from dad, a $5500 student loan, OP would still need ~$6k. I think a summer job and part of his savings would cover that, but I have a suspicion that his/her first choice isn’t the Univ. of Iowa.
OP- you need to sit down with your mom and then a sit down with your dad.
There are thousands of children of divorce whose parents contribute more than what the decree stipulates. So you need to ascertain exactly what each “side” wants to do/is prepared to do, and what suggestions they have for you to fill the gap.
If either or both parent is only prepared to pay the minimum (and you need to get a dollar figure- a percentage doesn’t help you) then come back with your stats and we can make suggestions.
Right - she doesn’t want to go to University of Iowa:
From her assorted Chance Me threads, she has a 30 ACT, 3.56 GPA and is interested in NYU Stern, George Washington University, UC Berkeley, UCSD (the ‘dream school’), and UCLA.
@goldenbear2020@Madison85@austinmshauri@blossom I think it is tuition, but I think my mom would be willing to pay up to 1/3 of the total fee of $7k at Iowa, I live less than an hour from the campus, but Iowa isn’t the problem. I want to go to UCSD, which is around $55k per year. My dad would pay $18k, mom only $7k TOPS, which would leave me with at LEAST $30k per year. At Iowa, I’ve received enough scholarships for me to only have to pay $250ish per year, which my dad would probably handle. I’m just thinking worst/best case scenario, I go to UCSD. My mom would only pay 1/3 of Iowa wherever I go, regardless of the school’s fee. So if I went to a $60k school like NYU, she would still only pay $7k.
^^^at Iowa, we each are covering 1/3, so I have $7000 annually, and the scholarships cover most of it, is what I meant. My parents have a total of $7k each to cover still.
Looks like University of Iowa is your financial safety.
Filing the FAFSA was never going to result in enough aid for your wish-list of private and high-priced out of state public schools, even if you and your parents were all homeless.