COLLEGE FINANCIAL PREP (516)225-5224
  • Home
  • About
    • About
    • Happy Clients / Testimonials
  • Work With US
    • Work With Us
    • Courses and Memberships
    • Professional Colleagues
    • Event Calendar
  • For Divorced Parents
    • For Divorced Parents
    • Divorce & College Podcasts and Videos
  • Resources
    • Podcasts & Videos
    • Digital Resources
    • Blog
    • FAQ
    • Scholarships
  • Contact

Divorce and College - What You Should Know

7/31/2018

 
Picture
Divorce and College - What You Should Know

Along with divorce, comes lots of worry.  The children, finances, career, family and friends and so on….

Since divorce happens both when the kids are little as well as when the kids are fully grown, it is important to consider the logistical and financial considerations of sending children to college.

​

When thinking about divorce, it is important if both parents can discuss college, costs and how both parents will share in this potential expenditure.  Ideally, you and your (former) spouse will speak about this while with the respective attorneys so that all agreements may be recorded in the Stipulation.  Also to consider, in addition to the cost of tuition are room and board, books, test prep, college application fees, trips to visit colleges, travel during college to and from home, medical insurance and more.

Please know that It is not safe to assume that as a single parent that your child will naturally receive a free ride to college.  That is simply not the case.

Similarly, in the case of divorce in New York State, parents cannot decide after a divorce stipulation is agreed to and signed to decide to shift the burden of paying for college to their children.

While there are programs, such as New York’s Excellsior Scholarship, to help lower income households (those with both one or two parents) this scholarship only covers the cost of tuition and does not apply to fees or room and board.

It is necessary to be open and honest with children, in regards to finances for college.  Work with your child to set goals, whether it be certain schools within a given distance so that the child may commute to college or schools that ultimately will cost a certain amount after merit and need based scholarships.  Set expectations, together with your child, so that you are working as a team instead of providing added stress to what can be an already stressful process.

During the application process, consider both public and private universities and fill out the FAFSA and CSS Profile.  Each form may paint your family’s financial situation in a different light resulting in different amounts of aid being offered.  And while the FAFSA focuses only on the household in which the child primarily resides and receives most of his/her support from, the CSS Profile may request information from a non-custodial parent, though not always. 

All in all, while divorce is always difficult, there are methods and means in which to help our children achieve the dream of going to college.  By correctly filing FAFSA and CSS Profile to be eligible for both need based and merit based scholarships and strategically applying to colleges that are likely to offer more merit based aid, you and your child may find substantial cost savings as well as financial, academic and social success.   

For more information on Financial Aid form preparation, strategically planning for and applying to college to maximize merit and/or need based aid as well as finding scholarships, please contact College Financial Prep via cell or text at 516-225-5224 today.  College Financial Prep is looking forward to working with you and your family!
​

Comments are closed.

    Author

    College Financial Prep provides families with cost saving strategies, scholarship research and financial aid preparation.  Contact College Financial Prep today at 516-225-5224!

    Archives

    April 2022
    April 2021
    February 2021
    January 2021
    December 2020
    October 2020
    September 2020
    July 2020
    June 2020
    April 2020
    March 2020
    December 2019
    October 2019
    June 2019
    October 2018
    August 2018
    July 2018

    RSS Feed

While Vicki Vollweiler of College Financial Prep, or any college financial aid advisor, cannot guarantee receipt of financial aid, utilization of our confidential services will provide you with cost saving strategies to implement in regards to college and savings.  Client understands that savings on the cost of college are not guaranteed with our college planning, preparation and advisory services.  However, College Financial Prep will guide you based on your family specifics as to how to be best served to potentially maximize aid and/or scholarships.  Please note: Not all cost saving strategies that may benefit you in terms of reducing your Expected Family Contribution for college are beneficial to you from a tax perspective.  College Financial Prep is not a replacement for your Attorney, Accountant, Financial Planner or Investment Advisor.  It is recommended to discuss various strategies, as necessary, with the above mentioned professionals.  FAFSA, TAP and CSS Profile may all be completed free of charge without professional assistance.  Fees charged are not for submitting the financial aid applications. Fees charged are for the advice and expertise offered.  College Financial Prep is not affiliated with the Department of Education.
  • Home
  • About
    • About
    • Happy Clients / Testimonials
  • Work With US
    • Work With Us
    • Courses and Memberships
    • Professional Colleagues
    • Event Calendar
  • For Divorced Parents
    • For Divorced Parents
    • Divorce & College Podcasts and Videos
  • Resources
    • Podcasts & Videos
    • Digital Resources
    • Blog
    • FAQ
    • Scholarships
  • Contact