Minimizing the effects of your divorce on your children might be one of your primary concerns during this time. You could be worried about how splitting with your child’s other parent could damage their emotional state, but have you thought about any of the other potential consequences your divorce could have on your kids?
If your child is planning to attend college, there is a chance your divorce could affect their financial aid eligibility.
How does divorce factor into financial aid?
There are a few ways a divorce can impact your child’s federal student aid. When applying for student aid, you must provide certain information. One of the elements of a student aid application is listing the custodial parent. After a divorce, the custodial parent may change. This parent is whoever provides more support to your child and therefore that parent’s income will be used to determine eligibility for financial aid.
Another way a divorce can figure into student aid is if one parent gets remarried. A new spouse’s income will also factor into determining federal student aid.
Figuring out a plan with your spouse is important before your divorce is finalized so you can ensure your child’s financial future is secure. It could be smart to sit down together, discuss your options and come to an agreement about college tuition and other expenses.