Without going into to much detail should salary be the only factor in splitting the cost of college or should salary and assests play a part in dividing the cost of college.
How should the cost of college be split between divorced parents?
- Thread starter no0b
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Most financial aid departments at institutions will include assets...however, you can always renogiate (I went from $5k/yr to $30k/yr in grants from Cornell by calling them up and speaking to them).
However, in somecases, people don't really have access to assets. I know of people that make $25k/yr and were turned down for aid because they owned a 10 acre farm that was worth a couple hundred thousand. That's not fair, because it's not like they're going to sell the farm...
Personally I think salaries should be the main consideration, and only particular assets that can be liquidated for cash.
However, in somecases, people don't really have access to assets. I know of people that make $25k/yr and were turned down for aid because they owned a 10 acre farm that was worth a couple hundred thousand. That's not fair, because it's not like they're going to sell the farm...
Personally I think salaries should be the main consideration, and only particular assets that can be liquidated for cash.
I would think that current assests, current salary and future earnings would be the main aspect in deterimining future payments for education between legally divorced couples. Usually, there is a stipulation concerning education within the divorce contract.
Good Luck
Child support obligations are based on income, although the hearing officer's are given a great deal of power to adjust the amount due based on personal opinion. The personal opinion can include knowledge of assets and income or contribution to living expenses by other sources, like new spouses. Of course, how much the additional sources will adjust the payments depends on the gender of the payor. 
College expenses are not the responsibility of the parents in most states. Although some states will require a divorced parent to contribute, they will first consider the child's ability to contribute through any available scholarships, grants, and work study. In other words, there is not always a definite right to have college paid for by anyone other than yourself. If your parents want to work something out they can, if one volunteers any payments he can, but it will be based entirely on his decision as to what is appropriate.
Outside the law, I believe only income should be considered. Assets are not generally used to live on and could be maintained for any number of reasons. If those assets are being held in anticipation of retirement and are accessed to provide for a child's education, shouldn't the child then be obligated to contribute to the parent's retirement support later on?
I know some people may disagree because of the necessity of a college education today, but when it comes down to it, your parents really don't owe you anything beyond basic support to the exent they are capable and don't owe you anything once you are an adult. There are resources for college and there's nothing wrong with taking out a loan for your own education.
edit:
Sorry, I forgot the w/o much detail. I guess I just wanted to explain my opinion against the title which automatically assumes parents should pay for college costs.
College expenses are not the responsibility of the parents in most states. Although some states will require a divorced parent to contribute, they will first consider the child's ability to contribute through any available scholarships, grants, and work study. In other words, there is not always a definite right to have college paid for by anyone other than yourself. If your parents want to work something out they can, if one volunteers any payments he can, but it will be based entirely on his decision as to what is appropriate.
Outside the law, I believe only income should be considered. Assets are not generally used to live on and could be maintained for any number of reasons. If those assets are being held in anticipation of retirement and are accessed to provide for a child's education, shouldn't the child then be obligated to contribute to the parent's retirement support later on?
I know some people may disagree because of the necessity of a college education today, but when it comes down to it, your parents really don't owe you anything beyond basic support to the exent they are capable and don't owe you anything once you are an adult. There are resources for college and there's nothing wrong with taking out a loan for your own education.
edit:
Sorry, I forgot the w/o much detail. I guess I just wanted to explain my opinion against the title which automatically assumes parents should pay for college costs.
Fin Aid
if they'd pay for ya, cool, if not, you gotta do what you gotta do.
on the filp side, if your parents are divorced, and paid for your college education, how much of your income should your parents get? i'd say they might get a present or two here and there, but i doubt i'd be giving them much money..
if they'd pay for ya, cool, if not, you gotta do what you gotta do.
on the filp side, if your parents are divorced, and paid for your college education, how much of your income should your parents get? i'd say they might get a present or two here and there, but i doubt i'd be giving them much money..
The parents aren't obligated to pay for college at all. If you ask your parents to help you pay for college, and they say "Sure, I can give you this much", be happy you're getting that much. They have every right to pay nothing at all if they want.
The provost and dean should pay, they raise tuition every other quarter so they can driver new benz and BMWs, every other quarter. U should take a look at the faculty parking lot.... unionist power supreme!
My mom used the monthly 'alimony' to pay for our educations. She didn't need the money and they had decided it would be an education fund. It was based on my dad's salary.
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