A divorce or separation can have a dramatic impact on your child’s eligibility for financial aid, and here’s why – some colleges will only consider the income and assets of the custodial parent, while others will include both the custodial and non-custodial parents.
Since increased assets and income will increase your Expected Family Contribution, or EFC, it’s important to plan ahead before applying to schools.
So, who is the custodial parent?
The custodial parent is defined as:
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