Let me first start off by saying that getting married to save money is not a good idea, but if you are currently married or getting married soon, there could be some financial benefits. Hopefully all of you have filled out your FAFSA for this 2018-2019 school year, but if you haven’t, there’s still time! The FAFSA application for the 2018-2019 school year doesn’t actually close until June 30, 2019. This simple fact can save newly married couples thousands of dollars.
When college students fill out their FAFSA, they are considered a dependent of their parents unless they are over 24 years old, married or have dependents, an orphan, are part of the US Armed Forces, or meet several other exceptions. This means that students’ financial aid is dependent on their parents’ income, which can sometimes incorrectly reflect the student’s true ability to pay for school. When you become married, however, you become independent. Only your own income and your spouse’s income will be reflected on the FAFSA. If you are a college student, there is a high chance your combined income is extremely less than your parents’ income. Most Pell Grants, a financial award you do not have to pay back, are awarded to families with a total income below $20,000 but the total income can be up to about $50,000. You and your newly married spouse may qualify for federal financial aid like this!
Married students may qualify for better federal loans or larger federal grants if they retroactively file their FAFSA for the school year in which they get married. As long as you are married before June 30 of 2019, you could apply for adjusted financial aid for the 2018-2019 school year. That means you could potentially be awarded a Pell Grant after you graduate! Even if you are married and still in school, you could receive more subsidized loans than you were first offered, which will save you money on interest. If you are anticipating a marriage, you could wait to fill out your FAFSA until you are married, but you can also appeal to your school’s financial aid office if you already filled out your FAFSA, and you could be selected for verification.
It is important to be aware of the financial advantages you may have after you become married, so make sure you use every benefit you can. Receiving extra grants or loans with a lower interest rate could save you and your spouse from many headaches in the long run. If you are a K-State student, you can request a free appointment at www.k-state.edu/powercatfinancial/
Thomas Meek
Peer Counselor I
Powercat Financial
K-State Student Union, Third Floor
785-532-2889
