Parents considering divorce should review the impact their decision could have on their children, not just themselves. Many parents delay divorce and try to make their marriages work out of concern for their children.
Some people aim to preserve their marriages until their children become adults. Others worry about college costs and may consider remaining married indefinitely for the protection of their children’s future opportunities.
Realistically, a divorce can have significant consequences for children who hope to attend college and develop their careers with a degree. How can divorce influence the likelihood of a child successfully attending college?
1. Causing academic issues
There is a strong correlation between parental divorce and reduced academic performance. Teenagers, in particular, may pull back from their schoolwork during stressful times, which can drag down their grades at the worst possible moment.
Colleges and universities often look at recent semesters very carefully, and young adults who struggled because of their parents’ divorce may not be eligible for enrollment at the most prestigious and competitive universities if their grades drop. Their lower grades could limit their options unless they wait and reapply later.
2. Student aid complications
Parents who share custody might assume that only the residential parent who claims the children on their tax return has to provide income information when filling out the Free Application for Federal Student Aid (FAFSA). This mandatory document helps determine what types of financial aid a young adult can receive.
Unfortunately, children of divorced parents generally have to report the income of both parents, even if one parent provides minimal financial support and has limited involvement in their day-to-day life. They may qualify for less financial aid than they require to afford school.
3. Reduced financial resources
Parents who have set aside a nest egg to help cover college costs frequently have to dip into their savings during divorce. Resources that may have previously helped pay for college may end up covering legal fees and court costs.
Additionally, the need to set up two separate households can further diminish parental savings while straining household budgets. Families may have less liquid capital available to provide direct support for a college student. Reliance on scholarships and loans may increase because of diminished savings and the increased percentage of income that goes toward maintaining two separate households instead of one shared household.
Parents concerned about how divorce could affect their children’s college ambitions may want to discuss the matter as part of the divorce process. They can potentially agree to share certain expenses to help ensure their children achieve their educational dreams.