Did you know: marital status can be a factor when determining financial aid eligibility.
If you are making your way through college after tying the knot, your financial situation will likely look different than that of your single peers, which could impact your access to financial aid.
But everyone’s situation is unique. We explore some of the potential benefits for married college students below.
How Marital Status Impacts Financial Aid
When it comes to applying for financial aid, being married isn’t inherently better than being single. Instead, your marital status impacts your financial aid eligibility because it affects your dependency status on the Free Application for Federal Student Aid (FAFSA).
If you are a single student under age 24, you are considered a dependent in most situations. As a dependent, you’ll have to include your parents’ financial information on the FASFA. But if you are married, you are generally considered independent from your parents, so you don’t have to include their financial information.
For most young married couples, the independent status is a positive change for your financial aid. After all, most young couples don’t have that many assets or a high income when starting out. With minimal assets, you might qualify for more financial aid.
Below are some ways your marital status might help or hurt your financial aid package.
Related: Dependent vs. Independent Student For Financial Aid
When Married Students Might Get More Financial Aid
Getting married is a major commitment. The possibility of more financial aid shouldn’t be the deciding factor on whether or not you get married. But if you are married, here’s how that could impact your financial aid package.
As a student under the age of 24, you are generally considered a dependent of your parents unless you get married. However, getting married means you’ll be independent of your parents’ financial situation for financial aid. With that, you’ll fill out the FASFA with your and your spouse’s income. If your new household earns less than your parents, this could lead to more financial aid.
If you are a student over age 24, you are considered independent of your parents. But if you are married, your income is expected to support both you and your spouse. With fewer resources to go around, you might find a lower expected family contribution, which can take some of the pressure off of your educational costs.
When Married Students Might Get Less Financial Aid
While getting married could mean more financial aid, it could also mean less access to financial aid.
If your spouse has a relatively high income, that higher income is included in your FAFSA. In most cases, a higher income leads to less financial aid.
If you are under age 24 with parents who have multiple dependents, fewer assets, or a low income, you might qualify for more financial aid by staying unmarried. That’s because your expected family contribution might be lower.
How To Pay For School As A Married Student
Paying for college requires a major financial commitment. As a married student, you can access many of the same resources as you would if you were single. Consider using the strategies below to cover your college expenses.
Scholarships And Grants
Scholarships and grants offer free money that you don’t have to repay. Landing scholarships and grants is key if you want to minimize your student loan debt burden after you graduate.
While you can apply for opportunities by submitting your FAFSA on time, make the effort to apply for other scholarships where you can.
Work While In School
Balancing an academic career while working can be tough. But even a little bit of extra income can go a long way towards paying for college.
If a typical part-time job is too much to fit into your schedule, consider starting a side hustle that you can manage alongside your studies. Also, don’t forget to look for job opportunities in the summer to help you pay for school the following year.
As a married student, it’s possible that your spouse will be in the workforce while you are in school. If so, you might be able to fund your college costs with their income. Work together with your partner to map out a financial plan that makes sense for your joint goals.
Student Loans
If you cannot gather enough money to pay for your classes, you might need to lean on student loans. When possible, opt for federal student loans to access reasonable rates and worthwhile borrower protections.
The Bottom Line
Married students often have different financial responsibilities than their single peers. As you navigate paying for school, it’s possible that getting married will have a positive impact on your financial aid package. But ultimately, it boils down to the details of your particular financial situation.
More Stories:
Editor: Colin Graves Reviewed by: Robert Farrington
Sarah Sharkey is a personal finance writer who covers banking, credit, student loans, and insurance for The College Investor. She has written for leading financial outlets including Bankrate, Business Insider, and more, helping readers make confident choices about borrowing, saving, and building wealth.
Sarah holds both a bachelor’s and a master’s degree from the University of Florida, and her background in management and research informs her clear, practical approach to complex financial topics.