DIVORCED PARENTS GET LESS FINANCIAL AID!!!

DIVORCED PARENTS GET LESS FINANCIAL AID!!! If your parents got divorced, you will often run into an unfortunate situation when you are applying for a financial aid, because especially if they remarried, they will have formed two households – and colleges take that into account.

When Ivy League colleges, tell you that they offer need based financial aid what it means is that they are going to look at your family’s total income and assets, including home value, and retirement accounts, and then determine what the maximum that you could reasonably pay is, and then make you pay it.

The problem is, if your parents got divorced, and especially if they remarried, you likely have two households worth of assets and income that now have to be factored in to the financial aid equation. Some colleges have gotten sophisticated to be able to offset this, but most have not. And so often the children of divorce divorced parents will end up getting much lower financial aid packages than they would have gotten. Had the parents been together.

Given that close to 50% of marriages in 🇺🇸 and a divorce, you would think that the colleges would’ve come up with a better solution than the current system, but the status quo pays them more money so I can see why they would rather keep it as it is.

Keep this in mind when you are applying for financial aid at Ivy League colleges, and make sure you apply to outside scholarships so that you can afford to attend.

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