NCP income

cptofthehouse
Tue, 29 Jul 2014 12:56:02 +0000

Yes, the child support will affect financial aid in that you will have to report it as income for the years you receive it. Thumper has pretty much covered how that will work. Also any money he gives to the child or as child support during the college years will count as income, or what he pays to the school and can reduce aid.

Currently (rules change) if your income is less than $24K a year and your can flie a short form 1040 like the EZ and there may be other requirement–you have to look this up, your FAFSA EFC would be an automatic zero regardless of assets. If you can have child support sent to the child as the child’s income, maybe, maybe–gotta research it, it may not count as your income for that auto zero. If you make over that amount, you don’t qualify and your child’s income over $6K or so is hit at 50% for EFC.

The fact of the matter is that even with a zero EFC, you are looking at a max of $5700 Pell grant and up to $5500 in loans for the student as an entitlement, and none of the schools you’ve listed guarantee to meet full need–few do. Don’t know how the low income fund works for TX–find out what the rules are , and you gotta keep up with all of this because it can change year to year.

Hopefully you are also making plans as to how you are going to support self and child when these payments stop. It can be a rough landing I have seen, with many of my friends who have to make this transition.