<p>My son is applying primarily to schools that consider both parent’s income for financial aid purposes (i.e., require the PROFILE). I share custody of my son with my ex-wife and the divorce specifies a 50/50 split of parenting time. In practice, her parenting time is slightly greater than mine (1-2 weeks more per year). My income is over twice my ex’s and I provide much more financial support (as is appropriate). She claims my son and his brother on her tax forms; I claim our 11 year old daughter (we are the parents of all three children).</p>
<p>My question is: am I the custodial parent for the purposes of the FASFA/PROFILE? In terms of the definition of “custodial parent” for the FASFA/PROFILE, I think my ex fits it more closely since she has slightly more parenting time. However, I’m concerned that filling the forms out this way give the appearance of “working the system” even if correct.</p>
<p>I estimate that in terms of financial aid received, that it will not matter, except for a couple of schools he applied to that only require the FASFA. Of course the outcome should not influence how the forms are filled out, it should be done truthfully and legally. This seems like a close call, however, with maybe more than one truthful and legal answer…but I’m not sure! I am fully committed to providing financial support for my son’s education, regardless of how forms or filled out or what aid is received.</p>
<p>My son is an exceptional student and has applied to Harvard, Yale, Dartmouth, U of M, Michigan State, and Penn State.</p>
<p>Who should be the custodial parent on the FASFA/PROFILE?</p>
<p>Remember that even if your wife files as the custodial parent, any child support paid by you will is treated as income on the FAFSA.</p>
<p>Harvard, Yale, Dartmouth and U of M will all require the profile and as swimcatsmom stated they will look at the income and assets of both parents and their respective spouses. </p>
<p>I would suggest running your numbers through the Dartmouth FA calculator which in our case was pretty accurate.</p>
<p>Time spent is the consideration; if he really spent more time with Mom, there’s your answer.</p>
<p>But another wrinkle - for hs school records, what’s his address? Mom’s or yours? Who’s the school’s primary contact? If it’s a public school, and you live in different towns, I’d venture to say that the custodial parent is the one that lives in the same town as the hs. If you put yourself as custodial, but the school records show son living with mom, or vice versa, it could raise questions.</p>
<p>It’s quite common for a mother’s income after divorce to be substantially less than the household’s predivorce income, as well as being quite common for the noncustodial father’s income to be much higher than the mother’s. I don’t think anyone will consider that you’re “working the system”. You’re being honest, and your situation is one that financial aid offices must see all the time.</p>