Sunday, August 17, 2008

If you're remarried and are the parent who fills out the college federal financial-aid form, known as the FAFSA, you have to include your current spouse's income and assets as part of the household, even if he or she has no plans to kick in for the college bills. Income from the child's other biological parent is not counted, at least on the federal application. Many private colleges, however, require financial information from both sets of parents.

Which parent should fill out the form? Whoever had primary physical custody of the child for the previous tax year. If your child lived with you for even a few more days than with your ex, you fill out the form. Neither a divorce decree nor a pre-nup gets you off the hook.

If the other parent makes significantly less money than your household, have the child spend a few more days at that parent's house in the year before applying for aid.

The more children you claim as members of your household, the less you will be expected to contribute to college costs. In this case, support is the determining factor.