If I am married, how does financial aid work?
If you are married and going to college, financial aid does work somewhat differently. First of all, you have two incomes instead of one income, which means that your financial contribution could be more and your loan amount less. When you fill out your forms, you may have certain questions that you have to answer regarding expenses and such.
If it is determined that you need more money because there are two of you and your incomes have not increased by much by getting married, you may be able to receive an amount comparable to when you were single.
If both of you are going to the University, then you both will be able to receive financial aid, which is dependent upon how much money the two of you make together. You have to remember that you may possibly have to pay out of your pocket if you cannot be loaned the entire amount of your school expenses. Some individuals are and some aren’t because it is all 100% dependent upon combined income.
So if one or both of you are going to university, you can receive financial aid. If at first you were dependent upon your parent’s income, you are now dependent upon your own and that could cause some things to change, but know that getting married doesn’t mean that you have to forfeit your education for financial reasons. Married couples go to college all of the time and there are plenty of couples with only one spouse going to college. Some even decide after years of marriage that they want to further their education in order to change professions or to expand their skills.
Just make sure that your credit is in ample shape for you to acquire financial aid. Bad credit could mean that it is very difficult or impossible. So if you want to go back to school and you don’t have a very good credit rating, do what you can to fix it so that you can get the financial aid that you need.
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