If getting divorced is not enough to stress you out, emotionally and financially, overlaying how college will be paid for on top of divorce can send anyone over the edge.
But not to fear. Divorce creates a wonderful opportunity to plan for paying for college. Don’t believe me. Let me give you an example, then provide you with a brief FAFSA primer, as well as who to go to for help.
A few years ago, I was representing a wife, whose child was accepted at a $55,000 per year prestigious college. The wife earned about $30,000.00 annually, while her husband earned nearly $300,000.00 per year. Their daughter lived with the wife and visited with her father. I sent her to a FAFSA specialist-yes, there is such a specialty and yes, you need to know about them-and by the time the smoke cleared, her daughter went to her prestigious university for about $5,000.00 per year!
So, what is FAFSA? It is the process by which the Federal Government, colleges and universities provide scholarships, grants, student loans and other aid to college students and their parents. Just take a look at www.fafsa.ed.gov for more information.
There is no way-I repeat-there is no way that any parent should fill this form out alone if you are serious about maximizing college financial aid for your student. Instead, invest a few hundred dollars in an expert who knows how to (1) help you plan to fill out the FAFSA form in the future, (2) be of assistance during the divorce process to maximize planning for future aid, and (3) actually filling out the form each year of each child’s college.
At SIEGELLAW, we integrate into your divorce how to maximize FAFSA and college benefits for your children and provide you with the outside referrals to top FAFSA specialists to help you help your children.
While child custody, child support and alimony can often become contested issues upon divorce, when both spouses realize that they can creatively craft separation agreements and settlements to maximize financial aid for college, they understand how they can work collaboratively to save tens, or hundreds, of thousands of dollars for their children to attend college.
For more information on maximizing college savings, contact your Howard County divorce attorneys at SIEGELLAW for more information.