CBS News had an interesting story last week focusing on the divorce and its impact on the Free Application for Federal Student Aid, or FAFSA, which is required to get a college loans.
In the report, CBS said that there were a few things you should look out for if your parents are divorcing and you are collecting financial aid:
- Which parent you live with
- The time period you lived with that parent
- Any changes in income based on a remarriage
According to CBS, the parent you live with following a divorce has a tremendous impact on a FASFA application:
“[Let’s] assume that the mother is a physician making $200,000 a year and the father is a school teacher making $50,000. If the child lived with the dad most of the year, he would declare his father’s lower income, and his mom’s large salary wouldn’t figure in the aid application.”
Students who live with a family member who has a higher income are more likely to receive less money in financial aid. CBS reported that when a person fills out the FASFA, the residency of the child should be determined based on which parent that child lived with for the previous 12 months before filling out the application.
CBS also reported that whoever claims the child on a tax application is irrelevant to the FASFA and that a remarriage by a parent can have an impact on reportable household income.
We will listen to your wishes and assist you with compassionate counsel when it comes to matters of child custody and divorce—we are open to discussing what is in the best interest of your children. Our attorneys will provide you with unsurpassed advice. To speak with Paul B. Goldhamer and his associates, call our toll-free phone number at (800) 711-5258.
Kantrowitz, Goldhamer & Graifman, P.C. – Bergen County Divorce Attorneys