I have a daughter starting her Sophmore year in College and a son who will be a Freshman this fall. A third child will graduate in two years, so we will have three in college at the same time. My ex-wife and I have looked at our options for ways to increase our contributions to tuition without incurring serious debt and are seriously considering sharing a residence again. We’ve been divorced ten years, have similar salaries and I’ve always paid child support. I know there is a section marked “Unmarried and both parents living together” on the FAFSA form. Does anyone know how this will affect our financial aid?
If you live together, both of your income/asset information will count … if you live apart, only that of the parent with whom the student has spent the most time in the last 12 months is reported.
Why not get a roommate besides your ex?
Are your kids going to FAFSA-only schools?
What aid have they been getting so far?
What are their EFCs? And are those EFC’s based on your exW’s income and your child support only?
Do any of the schools require CSS profile with NCP info?
If you live together than both incomes will go on FAFSA. However, you probably won’t be paying child support anymore.
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are seriously considering sharing a residence again. We've been divorced ten years, <<<<
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This just seems odd. There would be a lot to consider…would it be awkward if either of you are dating other people?
Do the reasons that you divorced in the first place still exist?
Are you both renting homes? or do you both own homes? If you move in together, would both parents feel like equals in the house? or would one parent feel like it’s “my house” and the other one is a “guest”?
How would household decisions get made? home improvements and maintenance (assuming one parent is the homeowner.)
Or is the mom still living in the “family home”?
This way, I’ll have no rent. If I move out of my apartment, that savings alone would cover the $11,000 we will be borrowing for my son’s freshman year at college, after his Stafford loans.
It’s not the ideal situation, but we have a cordial relationship and are willing to do this if that’s what it takes to pay for college. I just want to make sure we won’t lose out on financial aid in the end to the point that it was not worth it.
My oldest daughter goes to a private school in Boston and has a private scholarship to cover tuition. My son will go to Ga Tech. He has the Hope Scholarship and is eligible for $5500 dollars in Staffords and College work study, leaving us with $11,000 out of pocket expenses. She still lives in the house we were in when we were married and she pays the mortgage. I rent an apartment about 5 miles away. She helped them fill out the FAFSA form, so I’m not very familiar with it.
We haven’t worked out the details of who would pay for what, as we are in the early stages of discussing this. We are just looking at our options. I told her I would do some internet research tonight and that is how I stumbled upon this forum. I really appreciate everyone’s input.
You can print out the FAFSA formula and work through it with different income scenarios: http://ifap.ed.gov/efcformulaguide/attachments/090214EFCFormulaGuide1516.pdf
I’m not sure what aid you’re concerned about losing. It doesn’t sound like they’re getting need based grants.
Your son might lose the WS in the next year, but he could just get a job that’s not WS…or just work more during the summer.
Yes, you’d save a lot by not renting.
It sounds like a fine idea as long as there’s an understanding involving various issues that could come up…
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one of you begins dating others…how would she feel if you started having SO’s spending the night…and vice versa.
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will you be treated like a tenant in the house with no say about anything?
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when things need to be fixed/repaired in the home, will your exW be responsible for those things? What if you break something?
It’s great that you have a cordial relationship, but you may need to discuss issues that caused you to divorce in the first place and how that will affect living together now. If that reason no longer exists, or wouldn’t be an issue while just being house-mates, then great.
These are things that you’ll want to get settled before giving up your place. You don’t want to move in with the Ex, find it unworkable, and then have to move out again.
Economic convenience aside, don’t u have any interest in dating and getting a personal life again?
Come for a finaid question, get Dear Abby advice. Nosiness is probably more appropriate in the café.
lol!
It’s not nosiness. It’s just thinking of potential hiccups to this situation which could end up back-firing. The kids may like having the parents back under one roof…certainly easier to see them…but certainly the parents don’t want to expose the younger one to another upheaval if this were to blow up in their faces.
it’s always best to get all the understandings and agreements ahead of time, rather than later when everyone is emotional and in the “thick of things.”
Maybe they’ll end up back together.
Hey dad,
Do you. Keep in mind that on the FAFSA, if the two of you are living together (married or not) both of your income/assets will be included on the fafsa. If your daughter is receiving any entitlement aid (Pell grants/SEOG or some state aid), she may no longer receive this aid once your income is factored in.
If your child(ren) are attending schools that use the CSS Profile/non custodial profile, you already know that yoru income/assets are being factored in.
If you are both living together, then you most likely will not have to pay child support because you are in the home supporting your kids> I guess you are looking at this from a perspective that some of that money along with the savings from not paying rent, could be used to help pay for your kid’s college. Run the numbers using both of your income. If it works out for your family, then go for it.