custody change and fafsa

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custody change and fafsa

Postby kjlap » Tue Jan 22, 2013 2:59 pm

My step daughter is off to college in the fall of 2013. My stepson is going to go live with his father in KY when she leaves. We are going to change the custody papers for him when he leaves. We are their custodial parents now and will cease to be his custodial parent when he leaves.
My question is can we also change our college bound child's custody to her father? She qualifies for only the unsubsidized Stafford loan with our income listed but would qualify for everything if just her father's income was used. I realize that for fall of 2013/spring of 2014 it wouldn't help, but I believe it would help her for sophomore year and beyond if her dad's income was used instead of ours. Can someone help me with the rules of this and is it a valid strategy? We want to get the paperwork started as it may take 6 months to change.
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