2023-2024 FAFSA / Divorced Parents Income CalculationAnswered
Hello,
I read an article indicating that there would be a change in how parent finances would be calculated when parents are divorced.
In a nut shell:
Old formula: Only the custodial parent (parent who the student the most time with) needed to fill out the FAFSA.
New formula: would make some alternate calculation about which parent contributed most financially (regardless of where the student slept). And that parent would need to fill out the form.
Can anyone confirm if this change is really being made?
Article mentioned above:
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2 answers
For the 2022-23 and 2023-24 academic years, the FAFSA is completed by the parent(s) with whom the student lived most in the 12 months prior to completing the application.
Beginning with the 2024-25 academic year, the FAFSA is completed by the parent who provided more of the student鈥檚 financial support in the 12 months prior.
In all years, if THAT parent has (re)married, his/her spouse is required to include his/her financial information as well. If the two are "unmarried and living together" both are still required to provide financial information.
This change is official. You can read the for more information on the scheduled updates to the aid formula. Hope this helps!
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Beginning with the 2024-2025 academic year, do we know what proof FAFSA is going to require for providing more of the student's financial support? Will the student need to be on the applying parent's tax return? Other?