My fiance is in school and gets financial aid. I make 55k a year w/ 2 kids. Would she continue to recieve financial aid or would I be expected to contribute to her education?
2007-10-27 07:32:41 · 16 answers · asked by mindtees 2 in Education & Reference ➔ Financial Aid
First of all, marital status cannot be changed on a FAFSA once it is filed. So, if she is currently receiving aid under the 07-08 FAFSA and you get married now, it will not effect her current aid.
The new FAFSA for the 08-09 school year becomes available January 1, 2008. The question on the FAFSA regarding marital status asks "as of today, what is your marital status?" So whether it will effect her aid for the 08-09 school year all depends on when you become married.
For example, if you marry during the month of December 2007 and she files her FAFSA in January 2008, then she will have to mark "married" on her FAFSA and include both her and spouse's income. The household size would also include your 2 children and any other children or dependents living in the household for whom you and/or your wife are providing more than 50% financial support for.
On the other hand, if she files her FAFSA on January 3, 2008 (for example) and you do not get married until Januar 4, 2008 or later, she would file "single" on her FAFSA and it would remain that way for the entire academic year because, as I stated, marital status cannot be updated once a FAFSA is filed and it is based on your marital status as of the date you file.
So, with all of that said, if your concern is that you would rather your income stay off the FAFSA then simply get married after the date she files her renewal FAFSA.
It is nearly impossible to say what amount of aid she might qualify for with your income considered and what the difference in aid might be (especially because you do not indicate what she is currently eligible for), but a household of 4 (I assume) with $55K is not TOO much income, but I doubt that she would qualify for the maximum amount of grant. There really is no way to estimate without just filing.
2007-10-27 15:15:33 · answer #1 · answered by superstar_81882 5 · 3⤊ 1⤋
Marriage will usually have a positive impact on your financial aid eligibility if you are under 24 years of age and your spouse does not have high income. This is because you can then claim independent status and your parents' income and assets will not be considered in your financial aid calculations. Your spouse's income, however, will be considered. Marriage will often have a negative impact on your financial aid reward if you are 24 or over and your spouse has significant income. The reasons for this are two-fold: if you are 24 or over, you are considered to have independent status for financial aid. Thus, only your own income and assets are used to calculate your financial aid eligibility. If, however, you are married, your spouse's income will be part of the calculations.
2016-03-15 08:08:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This Site Might Help You.
RE:
How will getting married affect financial aid?
My fiance is in school and gets financial aid. I make 55k a year w/ 2 kids. Would she continue to recieve financial aid or would I be expected to contribute to her education?
2015-08-08 13:56:49 · answer #3 · answered by ? 1 · 0⤊ 0⤋
You will change her status financially so wait until she completes her degree to get married and then any aid she received will also be your responsibility and you can help her pay off any student aid not covered by a scholarship.
2007-10-27 07:38:41 · answer #4 · answered by Lizbiz 5 · 3⤊ 0⤋
The finacial aid would be based off of your and her income combined. Having kids helps too. You'll probably end up with more financial aid. My finacial aid is based off of a little less than 55k income and I only pay about $2k per year, the rest is covered by financial aid. It's worth a try.
2007-10-27 07:37:34 · answer #5 · answered by Anonymous · 1⤊ 1⤋
If she IS currently getting it, she most likely will not get it once she marries because you have a pretty good income. However, the fact that you have children may help her become more qualified. Just fill out that FASFA and see... Plus they have a phone number on the FASFA form to call to ask quesitons like this.
2007-10-27 08:12:14 · answer #6 · answered by Audra K 3 · 2⤊ 1⤋
Your combined net tax return will be considered for financial aid.
2007-10-27 07:36:44 · answer #7 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 2⤊ 1⤋
Your 1040 will have to be submitted to determine how much financial aid she qualifies for...whatever happens, support her through school--it will be the best for all concerned in the long run.
2007-10-27 07:37:51 · answer #8 · answered by RT 66 6 · 3⤊ 1⤋
They'll figure it out by how much you make...if you're applying for federal aid. They'll also figure in the two kids. It shouldn't effect loans through banks though.
2007-10-27 07:36:49 · answer #9 · answered by mhchicetawn 6 · 1⤊ 1⤋
Why wouldn't you want to contribute to her education?
but anyway, she should still be able to get financial aid, though I am sure it will not be as much...maybe just enough to cover school, or maybe not even cover it all.
2007-10-27 07:37:27 · answer #10 · answered by Scooter_The_Squirrels_Wifey 6 · 0⤊ 2⤋