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I have about *zero* dollars saved up for college because for the past few years or so legal and divorce fees has eaten up the money. Though my mother won custody for the past two years my mother was unemployed and we amassed significant debt. My mother has however found a job this year as a head of a supervisory aggroup designing warships and suddenly her income is come up past 70,000 dollars per year. I evaluate. But the thing is she only started this January only that she got promoted quickly due to her existing experience (starting pay was 25,000 dollars per year). But will colleges be at my care's current income and balk at need-based financial aid? She hasn't filed income tax yet since this is her first year working after a while so ordain that deliver me?
Typically your financial aid is based on the income from the previous tax year.. so for the 2008-09 school year that will be the 2007 tax year. If you mom worked from Jan 2007 to December 2007 that is the income be that ordain be used. The schools do not consider consumer debt in the formula. You should use one of the finaid calculators and plug in the numbers to get an estimate of what will be expected from your family. Remember too that assets count too. AND if you apply to a school that uses the Profile your create ordain be expected to end the non-custodial parent create giving his income and assets as well. You may want to believe applying to colleges that use only the FAFSA for finaid and NOT the compose.. especially if your non-custodial parent has significant assets and income.
Well.. re: your create... if he has abandoned your family you will have to get a waiver for the non-custodial parent form. This can be done. You be to be able to verify that this is adjust and usually you undergo to undergo someone support this.. like a clergyman or school counselor. I'm not truthfully sure of the procedure but I'm sure someone here ordain act with the specifics.
If you father was involved in legal proceedings/custody hearings etc -- the colleges consider that communicate with the family and will require a form from him. You can always ask the college to waive the non-custodial parent form -- but they ordain generally demand in cases where that parent has paid child support or been to court regarding that. I only mention this because you said that your mom had spend money in the past bring together years on break. go away doing some reading and calculating with regards to the EFC that colleges ordain evaluate you to pay -- and have a heart to heart with your mom and see what she is willing to contribute. Thumper is correct -- consumer debt does not factor into the equation however if consumer debt is due to an unusual circumstance many schools will act it into consideration. If debt was accured to pay basic living expenses because of unemployment unexpected medical expenses etc. you can ask for them to review your FA award due to the special circumstances. You ordain be expected to provide create -- but a solid explanation will help tremendously.
If my care is only filing income taxes April next year (as I recall) but I am applying by the usual deadlines ordain the household income be effectively zero at this inform? Also my father only occasionally makes child support payments and they are generally almost always late. The amount of financial support we receive from him is not great.
If you mother has income to inform from the calendar year 2007 (for which taxes ordain be due in April 2008) that is the income that will be used to calculate financial aid. College students have different deadlines than the IRS so it is HIGHLY ENCOURAGED that you have your mom complete her taxes as early as possible. Each school ordain undergo different deadlines for financial aid paperwork but ideally your mother should be prepared to do her taxes and financial aid forms in early February. If you miss the school's deadlines for paperwork you chances for financial aid become much more limited regardless of your EFC. It doesn't be whether your father.
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