<p>The only consideration is the possibility of your taking out additional loans as kelsmom outlined. Financial aid doesn’t look at debt so it doesn’t really consider bankruptcy. </p>
<p>Schools base financial aid on three possible forms: FAFSA considers the income and assets of the parent with whom you live most of the time. Profile will consider the income and assets of both parents. Some schools have their own forms and you can see if they ask for information from non-custodial parents.</p>