FINANCIAL CONSIDERATIONS FOR STUDENTS PLANNING MARRIAGE

 

  • When should students planning to marry file their FAFSA? – It depends! You and your future spouse need to speak with the financial aid office to determine what is best for both of you!  It is as easy as scheduling a meeting to find out when you should file your FAFSA!
  • On the day you file your FAFSA, you must answer the marital status question as of that particular day. You cannot answer that you are married even if you are anticipating marriage later in the year.
  • MLC will NOT consider updating marital status if the FAFSA is filed before being married. MLC encourages students planning to marry to do the following:
  • Meet with the Financial Aid Director to discuss your marital plans and the financial implications.
  • Submit your MLC Financial Aid Application no later than April 15. On your application, indicate that you are planning to marry and provide your wedding date.
  • After the wedding, if you are changing your name, the following steps need to be completed prior to filing the FAFSA
    • Change your name with the Social Security Administration (SSA.gov) prior to filing the FAFSA
    • After confirmation has been received on the name change at the SSA, change the name on
      • Your FSA ID
      • Your name on Portal (with Network Services)…do not do this prior to the actual name being changed at SSA!
    • After confirmation has been received on the name change on your FSA ID…it’s time to complete the FAFSA
  • File your FAFSA
    • When completing your FAFSA as a married student, in the appropriate fields, you will:
      • Add the adjusted gross income of your spouse to your adjusted gross income to report total household Adjusted Gross Income (AGI)
      • Add the income taxes paid of your spouse to your income taxes paid to report total household taxes paid
      • Input your earned income
      • Input your spouse’s earned income
      • Add the total cash, savings and checking amount balances together (both for you and your spouse) to report total household cash, savings and checking balances
      • Add the total investment amount balances together (both for you and your spouse) to report total household investment balances
  • If a student’s expected family contribution (EFC) qualifies for a Pell Grant, the student is eligible for the Pell Grant no matter when the FAFSA is filed, as long as the student is enrolled. Students who may be eligible for Minnesota State Grant must file the FAFSA no later than thirty days after the start of the semester.
  • Students will not have financial aid processed until the FAFSA and any requested documents are received. The first payment to your billing statement to the Financial Services Office is due by August 10.  If you are unable to keep your student account current without financial aid, it is up to you to work with Financial Services to see if a plan can be developed.