Remember Me
forgot your password?

Secrets to Saving a Fortune on College Costs: What Divorced Women Need to Know

Many factors come into play when determining financial aid. Key to the financial health of the divorced or separated mom with a college or college-bound student is the designation of “custodial” parent. She is the parent who will receive the financial aid package and the student’s bill.

One of financial aid’s best kept secrets is the opportunity that arises when parents are separated or divorced and there’s a substantial difference on their balance sheets. When completing financial aid applications, only the designated custodial parent’s income and assets must be listed. Thus, the designation of custodial parent ultimately determines financial aid eligibility.

Families can legally take advantage of this situation, but first parents must fully understand who the custodial parent is or isn’t. During the high school and college years, many are surprised to learn that this designation is not necessarily the same as stipulated by the court.

The Custodial Parent

During high school, the custodial parent is the one with whom the student spent more than half their time over the previous twelve months.

During college, if the student lives on or off campus, either parent can qualify as custodial parent. The student must be able to substantiate residency at that parent’s address, which can be accomplished with proof that their mail is received there.

If the student commutes to college and both parents live within driving distance, then either parent can be the custodial parent.

The “Unambiguous” Non-custodial Parent

The non-custodial parent is the one not meeting the above criteria.

During high school, the parent living outside the boundaries of the school district is the unambiguous non-custodial parent. However, after graduation, the student could relocate, thereby giving custodial status to this parent.

If the student commutes during college, then the unambiguous non-custodial parent is that parent who lives too far from campus for the student to commute.

The “Ambiguous” Non-custodial Parent Strategy™

Either parent can be the ambiguous non-custodial parent during high school when both live in the same school district if the student attends a public school, or when both parents live within driving distance of a private school. Either parent can be the ambiguous non-custodial parent if the student attends a boarding school.

During college, if the student lives on or off campus, then either parent can be the ambiguous non-custodial parent as long as the student can substantiate residency as previously described. If the student commutes to college and both parents live within driving distance, then either parent can be the ambiguous non-custodial parent.

The Ambiguous Non-custodial Parent Strategy™ comes into play when one parent’s income and assets far exceed the other, as the less affluent parent would have a much greater financial need and therefore qualify for more financial aid. Separated or divorced moms who share the same address defeat this strategy making it near impossible to work!

Reecy Aresty

Reecy Aresty has been a financial advisor since 1977, and is founder and president of College Assistance, Inc., located in Boca Raton, Florida. He has authored How To Pay For College Without Going Broke, an invaluable, critically acclaimed, parent/student manual. Arguably the most revealing book ever written on college admissions and financial aid, it is also the only book of its kind available in Spanish. In a career spanning almost 3 decades, Reecy has helped thousands of families send their kids to the college of their choice for less than they ever dreamed possible. For more information on admissions & financial aid, and to checkout the best college book on the market today, please visit: Paylessforcollege.com

Rate this Article: 5 / 5 stars - 2 vote(s)
Print Email Re-Publish


Article Source: http://www.articlesbase.com/college-and-university-articles/secrets-to-saving-a-fortune-on-college-costs-what-divorced-women-need-to-know-361996.html
Add new Comment



Captcha

  • Latest College and University Articles
  • More from Reecy Aresty

Textbook rentals is the best alternative to buying textbooks

By: Caitlina Fuller | 05/07/2009
Textbook rental is the best alternative to buying textbooks. With the rising cost of tuition at colleges and universities every year, the additional cost of textbooks is just as overwhelming as the tuition itself.

Rent Textbooks for College and Save Money

By: Caitlina Fuller | 05/07/2009
Rent textbooks for college and save money. Sounds great, doesn't it? Well, if you are a college student, burdened by the tuition most colleges or universities charge, you may want to look into textbook rental. With the current economy, textbook rental options are becoming a very popular way to overcome some of the financial difficulties of receiving a higher education.

Ready to Become a Good Lawyer?

By: May Smith | 05/07/2009
Becoming a lawyer is a goal for some students, not because of the money they can make in that career, but also the honor and status they can receive in that career. But the road to this kind of success is not that easy. There are many things that you need to accomplish in order for you to become a good lawyer.

Medical Colleges in Punjab

By: Dr. Ripudaman Singh | 03/07/2009
This is just a list for better guidance please contact your Local Employment Exchange and there Vocational Guidance Officer. Services are Free to all. Do visit there.

Sharda Group of Institutions And Its Courses

By: Sarvesh | 03/07/2009
Sharda Group of Institutions, North India's largest educational group, delivers quality education to its students. This institute is one of the top engineering colleges of India that provides state of the art infrastructure. An individual can easily get employment after completing the course from this institute.

The Global Outreach Program taking IIPM to a world-class level

By: Kartik | 03/07/2009
The Global Outreach Program is an integrated approach in taking IIPM to a world-class level

Case Methods In Management Education

By: S.R.Sathyanarayanan | 03/07/2009
Case Methods in Mangement Education helps students to provide solutions to real or simulated problems. It helps in developing communication skill, ability to evaluate, decide, go beyond the normal situations etc. It is applicable to all phases of life.

Looking For Distance Education In India?

By: Ras Reed | 02/07/2009
There are numerous things that you should be mindful of when searching for distance education in India. No doubt, there are numerous universities and colleges in India offering distance education, but you should always look before you leap. Not all of them are good for you and your career.

College Families Bushwhacked by New Loan Legislation

By: Reecy Aresty | 10/06/2008 | College & University
Under the guise of aiding college families overwhelmed and victimized by the student loan crisis, The Ensuring Continued Access to Student Loans Act of 2008, not only fails its intended purpose, but actually is quite damaging to the very same students it intended to benefit. All it has done is add fuel to an ongoing fire by ensuring that colleges and lenders would benefit at the expense of students and their families…

The College Financial Aid Gift That Keeps on Giving

By: Reecy Aresty | 17/03/2008 | College & University
In the financial aid formulas, students have no asset protection allowance and lose 20 cents per year for every dollar in their name. Appearing asset poor can significantly help make sending a student to the college of their choice a financial reality. Gifting is one of the few legal ways this can be accomplished.

Secrets to Saving a Fortune on College Costs: What Divorced Women Need to Know

By: Reecy Aresty | 17/03/2008 | College & University
One of financial aid’s best kept secrets is the opportunity that arises when parents are separated or divorced and there’s a substantial difference on their balance sheets. When completing financial aid applications, only the designated custodial parent’s income and assets must be listed. Thus, the designation of custodial parent ultimately determines financial aid eligibility.

The College Loan Scandal – Evolution & Solution

By: Reecy Aresty | 11/06/2007 | College & University
What started out as informative Financial Aid Nights every fall and evolved into College Goal Sunday in January has now transformed itself into the largest student loan scandal in history!

How to Pay for College Without Going Broke

By: Reecy Aresty | 18/04/2007 | College & University
To ensure their children’s success in today’s intensively competitive world, parents are faced with the absolute necessity of paying for a college education. As students approach the high school years, it is understandable why so many parents feel the stress to financially prepare for tuition and related costs as they have not only gone through the roof already but continue to increase as much as 15% ever year! With no relief in sight, how can a college or college-bound family survive?

College Families Will be Overpaying Their Taxes – Again!

By: Reecy Aresty | 05/04/2007 | College & University
Families who made their best guess as to which of the Education Tax Incentives would save them the most on their income taxes, have put their 2007 tax returns to bed. However, for many, a sigh of relief is a bit premature. Countless families, even when assisted by professional tax preparers, chose incorrectly and will or have significantly overpaid the IRS – AGAIN!

Congress Extends Tax Deduction for Millions of College Families

By: Reecy Aresty | 05/04/2007 | College & University
Thanks to a last minute effort by Congress in December, President Bush extended the Tuition and Fees Deduction for one more year. However, while the opportunity has been viewed as a yearlong Christmas present for some of the 4.7 million families with students in college, for many – all that glitter won’t produce any gold!

Submit Your Articles Free: Signup


Article Categories




Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.34, 6)