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socrateaser
socrateaser, Lawyer
Category: Legal
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Experience:  Retired (mostly)
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I would like to apply for home equity loan. I am also expecting

Resolved Question:

I would like to apply for home equity loan. I am also expecting some settlement from unpaid child support. How might these two factors affect my kids’ qualifications for college scholarships? My current EPC is $0.00. My older daughter has all expenses covered and my younger child would be applying next year.
Thank you.
Submitted: 1 year ago.
Category: Legal
Expert:  socrateaser replied 1 year ago.
Hello,

Rather than speculate as to the effect of your various financial changes, you can estimate your EPC exactly with the calculator available at this link.

In general, your entire financial circumstance is considered, so incurring a substantial debt or receiving a substantial windfall could be significant.

Child support is generally not taxable income, and need not be reported to anyone. However, if the amount of your recovery changes your net worth by substantially increasing your monetary assets, that can change your EPC so as to require a family contribution to your child(ren)'s college expenses.

Hope this helps.
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 33534
Experience: Retired (mostly)
socrateaser and 16 other Legal Specialists are ready to help you
Customer: replied 1 year ago.


Thank you so much. That is helpful. One more question: If my EPC becomes too high, can I have my older child file as independent on her FAFSA, she will be 21 this year.


Many thanks again.

Expert:  socrateaser replied 1 year ago.
Sorry for the delay. Someone moved the question into a category where I could no longer answer, and I had to wait for customer service to reopen it for me.

This link provides the criteria for independent status. If your daughter answers "yes" to any one of the questions, then she is independent for purposes of obtaining federal financial aid. Otherwise, she is dependent, and your EPC controls.

Hope this helps.
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 33534
Experience: Retired (mostly)
socrateaser and 16 other Legal Specialists are ready to help you

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