College Planning and Divorce
When it comes to college planning, divorce certainly can complicate matters.
You nolonger have two incomes to help pay for college; you no longer have a partner to share theadministrative burden that comes with the college application process. Two separate
households puts a crimp in both parents’ ability to save and pay for colle
But, with over 50% of families finding themselves in this situation
, a divorce certainlyadds to the already daunting challenge of paying for out-of-
control college costs in today’s
turbulent economic environment.Here are three things to keep in mind as you all gothrough the college process:1.
Colleges don’t care what your divorce decree
.The bill arrives, the bill needs to be paid.
Colleges don’t care who is supposed to pay what —
they only care that the bill is paid. What your divorcedecree says and what actually will happen may not be
the same. What if your ex doesn’t pay what he or she
is supposed to? Do you have a plan if that happens?2.
Knowing what the colleges will expect you to pay benefitseveryone.
Understanding what the colleges expect and using any strategies availableto reduce what is expected helps everyone
no matter who is supposed to pay what.3.
Remember, the focus is on your student.
At the end of the day, no matter how mad
you are at each other, this isn’t about you and why you’re no longer married. You bothwant what’s best for your child. Keep focused on that.
Now, while the economics of college planning in a divorced family need to beaddressed, what often catches families by surprise are the emotions that come withit.
Even amicable ex-spouses can find themselves caught up in long-buried frustrations that