U.S. Department of Education issued new rules

This year, the U.S. Department of Education issued new rules regarding which parents are required to share their financial information on the application. Here is a run down of what you need to know:

Traditional married couples

There is no change here. The new FAFSA rules won’t impact a family composed of a married husband and wife with children. Both parents must share their financial information on their son or daughter’s financial aid application.

Single-sex married couples

If a single-sex couple is married, the new federal rule now requires both spouses to complete the aid application. To reflect this change, the FAFSA will now ask for information about “Parent 1” and “Parent 2.” Previously, only the biological parent had to include his/her assets and income.

A single-sex couple that has not married does not have to share both parents’ financial data unless the partner has legally adopted the student.

Unmarried parents living together

The new rules require unmarried parents who are living together to file the FAFSA jointly. Previously, only one parent had to submit the FAFSA. The CSS/Financial Aid PROFILE, which is a financial aid application used by many selective private colleges, has always required these parents to provide their financial information.

Divorced and separated parents

There is no change here. In cases of divorce, the ex-spouse who has taken care of the student for the majority of the year is considered the custodial parent and will complete the FAFSA. This same rule applies to separated couples.

Guardians

If a student is living with a guardian, such as an older sibling or grandparent, he or she is considered an independent student. Only the student’s income and assets will be considered for financial aid purposes.