Do both divorced parents fill out FAFSA? This is a common question among families dealing with the complexities of financial aid for college. The Free Application for Federal Student Aid (FAFSA) is a crucial step in determining a student’s eligibility for federal, state, and institutional financial aid. Understanding how divorced parents’ financial information is handled on the FAFSA can significantly impact a student’s financial aid package.
In the context of divorced parents, the FAFSA requires the reporting of financial information from both parents, regardless of whether they are remarried or living together. This is because the FAFSA is designed to assess the financial resources of both parents, even if they are no longer married. However, the process can be nuanced, and it’s essential to understand the rules and guidelines to ensure that the FAFSA is completed accurately.
Firstly, it’s important to determine which parent is considered the “custodial” parent for the purpose of the FAFSA. The custodial parent is typically the parent who has physical custody of the student for more days in the year than the non-custodial parent. If the parents have joint custody, the parent who provided more financial support during the previous year is usually considered the custodial parent.
Once the custodial parent is identified, they must provide their financial information on the FAFSA. This includes their income, assets, and household size. The non-custodial parent may also be required to provide financial information, depending on the specific circumstances of the case.
In some cases, the non-custodial parent may be required to fill out a separate form called the Non-Custodial Parent (NCP) form. This form is used to collect financial information from the non-custodial parent and can be requested by the custodial parent or the financial aid office. The NCP form is not submitted with the FAFSA but is used to verify the financial information provided by the custodial parent.
It’s important to note that the FAFSA does not consider the marital status of the parents when determining financial aid eligibility. Therefore, both divorced parents must provide their financial information, even if they are not in contact or have not provided financial support for an extended period. This can be challenging for some families, but it is crucial for ensuring that the student receives the maximum amount of financial aid available.
In conclusion, both divorced parents must fill out the FAFSA, and their financial information will be considered when determining a student’s eligibility for financial aid. Understanding the rules and guidelines for reporting financial information from both parents can help ensure that the FAFSA is completed accurately and that the student receives the financial aid they deserve. For families navigating this process, seeking guidance from a financial aid counselor or an experienced professional can provide valuable support and peace of mind.
