I'm about to start the FAFSA for financial aid and got a bit confused about who exactly should be filling it out. Should it always be one of my parents, or do I need to do it myself? My parents are divorced, so does that change anything? I'd appreciate any tips on handling my particular family situation when completing the FAFSA.
Both you and your custodial parent will share responsibility for filling out the FAFSA. However, which parent you consider your 'custodial parent' for the FAFSA depends on your family's unique circumstances. In the case of a divorce, the custodial parent is usually the one with whom you spent the most time in the past 12 months. If it's an equal 50-50 split, you'll use the financial information for the parent who provided more financial support.
As the student, you will provide your own personal and financial information. You will also sign the form. Your custodial parent will additionally provide their financial information, including income, tax returns, and details about assets and investments. This is necessary to calculate the Student Aid Index (SAI) which is used to determine your financial need.
Navigating financial aid can be tricky, especially with complex family situations, but don't hesitate to reach out for help. You can reach out to your school counselor or the financial aid office at prospective colleges if you need more weeding through the specifics of your situation. Good luck with your application process!
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