Does getting married effect finacial aid?

Question

My fiance and I were planning on getting married next year. Now all of a sudden he is reconsidering doing that. He thinks that if we get married next summer that neither of us will get financial aid for college. Is this true? Does he have reason to want to move the wedding?

Answer 1

It will increase your fiances having another income so yes!

Answer 2

It will effect your financial aid, but to the extent depends on your state.

Most aid is determined by the income you claim on your taxes.  Since the two of you will be filing together April 2009, your Fall 2009 and Spring 2010 aid will change.  

If you are independent your income will be roughly twice as much, you may get knocked into a different aid bracket.  You will always have the opportunity for loans, but you may lose your grants.

ex.

You make $15,000 a year so you are expected to contribute $1000 to your education.

Your husband makes the same so when you get married you make $30,000 a year so the two of you are expected to contribute $2000 to your education.

Here's the kicker.  You'll also be expected to contribute $2000 to his education.  

You have the same amount of money, but you're paying twice as much in education costs.

BUT

If you are not already independent (your parent can still claim you as a dependent), then getting married may work in your favor.  This is because when you get married you can be independent, and you and your husband put together might make less than either of your parents.

ex:

Your parents make $80,000 a year and are expected to contribute say $10,000 to your education.

You and your husband make $40,000 a year so you are only expected to contribute $5000 to your education.  Hence, you get more aid.  Plus the silent partner of your parents, who still might be willing to help you out.

In some places your parents can keep claiming you even if you're married.  Or maybe, I was in this situation, your future husband makes more that your divorced mom.

So here's what you do.  Figure out how much income you are reporting to FAFSA now per person.

Figure out how much income you would be reporting to FAFSA if you got married as a couple.

Pick the lower number.  The less you report, the more aid you get.

Answer 3

It is possible.  For myself, if I got married now, I would get zero financial aid because my fiance has substantial savings.  The student loans board feels he should use it to pay for my education I guess, but I feel he should save it for his.

Answer 4

it can.. it depends on your combined income..

when i got married i lost all my financial aid and had to get all loans because my husband's income pushed me up a few tax brakets.. (i was only make 20k a year as a student, but with his income we were close to 100k)...

you may only get a portion of financial aid..

like i said it all depends on your combined income....

you may not loose it all right away, because they will look at the previous financial year, not the year you get married, bit the following year it will drop.....all you can dfo is apply and see what they say.. talk to the financial aid officer at your college...

don't listent o people that tell you you will get a better deal.... that may work for taxes but mot financial aid... especially since it is tough to get now!

good luck

Answer 5

you will actually get a better deal most of the time

Answer 6

yes it will effect financial aid. they will take your husbands income in to account as well. so if he has alot money, you will get less financial aid. if he doesn't have alot of money, then most likely you will both get more aid.

Answer 7

you will be better off i say