This is a big topic so for today I’m going to focus on general rules. Keep in mind the FAFSA rules are different from the CSS Profile rules; below is FAFSA only. The custodial parent for the FAFSA can be different than the custodial parent in the divorce decree and/or different from who claims the student as a dependent on…
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Divorce
For divorced parents, figuring out who is the custodial parent for FAFSA filing purposes can be a little confusing. Actually, the rules are pretty simple: the custodial parent is the one with whom the student spends the most time. That’s not necessarily the parent named custodial parent in the divorce decree, or the one claiming the student on their tax…
If you’ve been reading this blog for a while, this is a bit of a refresher post. There are three aid formulas: Federal methodology (FM), based on the FAFSA; Institutional Methodology (IM), based on the CSS PROFILE; and Consensus Methodology (CM), which uses both aid forms. Each is a different way of calculating a family’s
As many as 1/3 of college students don’t complete the FAFSA. There are a variety of reasons why not, ranging from fears about its complexity to the assumption that it’s not worth the time because the family is not eligible for aid and hundreds if not thousands of other reasons. The end result is that a lot of money is…
For most people, college is not affordable, even with an aid package. If the aid package at your dream school is insufficient, you might be thinking of trying to negotiate a better one. While aid adjustments are generally infrequent, the worst that can happen if you ask is that they say no; the school won’t rescind the original offer. Colleges…