Divorce is an event that many people in the Lee County area do not think of until it is on the horizon. According to CNBC News, “divorce is a situation that approximately two-thirds of couples” are not prepared for divorce or aware their separations can sabotage their children's college funds. When separation strikes, financial stability is often the first the first causulty.
Before anyone files their divorce papers, it is a good idea for them to consider future financial obligations that might affect their ability to afford their kids' college education. Though divorce is primarily between spouses, their situations can affect their kids’ financial aid eligibility for financial aid and more. Here are a few pointers that can reduce that impact.
Learn the requirements of financial aid
Many parents do not give college tuition a second thought until it is time for them to help their children with their financial aid applications. It is crucial for them to start the planning and research processes early to learn how they can use their divorce and child custody situation to their advantage.
Ideally, parents should start saving for their children’s college education while they are young. Though they might not do so until divorce is on the table, it is never too late to start stashing money aside to chip away at their kids’ tuition bills.
Be realistic about financial aid
Many parents do not realize that financial is need-based. Some of them assume that once their kids get accepted into college, their financial aid packages will cover most or all of their school-related expenses. Financial aid requirement usually include for both parents to disclose their financial information, even if one of them is not the custodial parent. Depending on the outcome of their parents’ divorce, students may find themselves at a disadvantage when it is time to apply for funding.
Anyone who is getting ready to go through a divorce and hase children should think about discuss their intentions with an attorney to learn how their actions may impact their kids’ ability to qualify for financial aid when they are ready for college. With the right guidance, they can come up with strategies to ensure their children’s college expenses are covered in the settlement.