srobin

My DS is a junior. We will file the FASA in January of 2009.

1. Which tax year is my income based on 2007 or 2006? Will they look at dependents for that tax year or at dependents I have now? My income for 2007 was $31,500.

2. Will the non-custodial parent have to provide income information for the CSS profile if we were not married at the time of DS birth? He is listed on the birth certificate and paternity is established. We were married for 6 years but got divorced before DS was born.

3. This month I filed paperwork to become the leqal guardian for my two minor grandchildren ages 2 1/2 and 3 1/2. They now live with us. Unless the situation with their mother changes drastically, I expect that they will be living with me for at least the next year and maybe longer.

Will I be able to list this on the FASA or will I have to explain it the financial aid office?

hsmomstef

1. Your income and financial information for the year 2008 will be what is required to file the FAFSA in January of 2009. Some private schools who require the profile will ask for previous years info and tax forms, but that is to make sure you aren't hiding anything or doing something wacky to make you look poorer than you are.

2. Yes -- the non-custodial parent will have to file the non-custodial Profile form. Marital status doesn't matter (most non-custodial parents are divorced or never married to the mother). It is important to understand how this will work for your DS -- will father fill out the form? If his assets and income are significant, it may negatively impact your DS choice of schools unless dad is willing to chip in and pay for school. Knowing this info ahead of time is critical to building a good list of schools -- FAFSA only schools do not need non-custodial parent info.

3. For FAFSA, you will list the number of people in the family -- including all dependents. both of your grandchildren will be members of your family and so will your son (and any other children you support). This will make a difference in your son's EFC (and on your household budget, as I am sure you know). I applaud you for taking on the responsibility -- not everyone would.

There is a book called Paying for College Without Going Broke. I would suggest you read it and read past threads here on CC on the Financial Aid section. You will learn a ton -- and it will really help when it comes time for your son to apply for college.