Okay, this is a bit complicated but I'm engaged and will be married soon. Does anyone know how this affects my FAFSA? My spouse and I are both still in school and will be applying for aid next year.
Sure, I can help with that. When you get married, you're considered an independent student on your Free Application for Federal Student Aid (FAFSA). This means that your parents' income and assets will no longer factor into your Expected Family Contribution (EFC), which has been renamed Student Aid Index (SAI) as of 2024.
Instead, FAFSA will consider your income and assets, and that of your spouse. Both your incomes will be taken into account, regardless of whether one or both of you are students. The combined financial information will determine your SAI, which colleges use to calculate your financial aid.
Additionally, consider discussing your change in marital status with your college's financial aid office. They can help you understand how your aid might be impacted and guide you through any necessary paperwork.
Remember, you will need to update your FAFSA every year. According to current laws, you should update your FAFSA as soon as possible after getting married to more accurately reflect your financial situation.
Lastly, remind yourselves that while getting married may influence your financial aid eligibility, it's crucial to communicate and manage your personal finances effectively, as well. Try to budget ahead of time and balance your work, classes, and new shared responsibilities.
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