Wait on Marriage If Your Child Is Applying for Financial Aid

In the fall, many high school students apply to college and begin applying for financial aid. If you aren't married, you might wait on your nuptials until after your child's financial aid decision. Your new spouse's finances could reduce your student's financial aid package.

The Wall Street Journal explains why one family had financial aid troubles due to the mother's remarriage:

According to the Higher Education Act of 1965, remarried parents like Mrs. Carney-Gumpper, whose incomes will be used in filing for financial aid, must report their new spouses' incomes on the Free Application for Federal Student Aid (Fafsa). Many private colleges use additional forms, such as the College Scholarship Service (CSS/Financial Aid Profile), which can take into account the incomes of as many as four adults—both parents and their respective spouses, if a couple is divorced and each party remarried.Suddenly, Mrs. Carney-Gumpper found herself with what looked like a much higher income and a much smaller aid package than she expected.

If your family is going to rely on financial aid, check to see if your new spouse's income might reduce the financial aid package.

Hit the link for other ways you might hurt your financial aid package accidentally.

Mistakes Parents Make With Financial Aid | Wall Street Journal

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