Many Divorced Over 50 parents have kids of college age. Which means those parents are either spending a lot of money on their children’s tuition, or are about to.
Financial aid may be available, but getting it requires the daunting task of filling out a detailed application called the Free Application for Student Financial Aid (FAFSA). For divorced parents, it gets even more complicated.
Only one parent needs to apply, but which one should it be? What if one or both parents has remarried — does the new spouse’s income count? If the couple has a 529 Plan for their child, which of them should be the owner of the account? Can switching your custody arrangement get you more financial aid, and will the college’s financial aid administrators see through the ruse?
All of these questions and more are addressed in this piece from Forbes Magazine. Definitely worth a read if you need, or are going to need, some help with college tuition.