Planning and preparing
Who will do the leg work?
- Research on the schools
- Plan and participate in school visits
- Determine test prep plan
Financial aid is based on income and assets of parents and the student.
When completing the federal student financial aid (FAFSA) need to determine “who’s my parent”
For the FAFSA, “parent” is defined as:
If your parents are divorced or seperated, answer the questions about the parent with whom you lived more during the past 12 months.
For more information visit: www.studentaid.ed.gov
Need to determine which parent will report their aseets?
Assets do NOT include funds in retirement plans. Assets that do count are 529 plans, stocks, bonds and mutual funds that are NOT in retirement accounts, vacation homes and rental properties.
Income on the FAFSA:
New spouses income is included in the FAFSA.
Child support, family support and alimony are all forms of income that may be assessed.
CSS Profile – Non Custodial Parent form – collects information about the non custodial parent and his/her new spouse.
Whichever parent that claims the student on taxes does not mean that will be the parent that files for financial aid.
Whichever parent that claims the student on taxes helps that parent recieve tax benefits for college.
American Opportunity Credit is available up to $2500. See my podcast interview below with Tim Nolan to learn more about the American Opportunity Credit.
Paying for college and college related costs
Need to determine who will ultimately pay for college and any related costs.
The website/organization International Academy of Collaborative Professionals
Collaborative divorce… not able to sue each other and settle without going to court.
The collaborative process could include:
- Collaborative attorneys
- Financial neutral
- Mental health professional for parents and children
In the Milwaukee, Wisconsin area
Collaborative Family Law Council of Wisconsin, www.cflcw.org