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Guest Todd Weaver of Strategies For College, Inc. presents financial aid tips for families of separation or divorce.

For students who are in families where parents are either separated or divorced, it’s important to know who needs to file the financial aid form.

1. FAFSA Form

For Free Application for Federal Student Aid, the parent with whom the children live the most will fill out the financial aid form. So, the custodial parent will file the FAFSA.

2. CSS Profile Form

For students who are applying to colleges that require the CSS Profile form, around 280 schools, both custodial and noncustodial parents will fill out a profile form. Additionally, a profile form may ask for information about any new spouses if any parent is remarried.

Bonus Tip for Financial Aid

When a family is filling out the FAFSA form, it is required to list the parent’s investment and assets. However, only the custodial parent information is required to be filled in the form. So, if a non-custodial parent happens to have a 529 savings account in their name, that account does not need to be reported on the FAFSA form. It will not count against the student’s eligibility.

Are you applying to colleges? Any follow up qs for Todd?

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