Local Business

Wakeman Law Group explains college expenses for the divorced parent

SPONSORED

Now that the bills are in and payment is due, what will you do?

Illinois statutes assume that divorced couples will contribute to their child’s college expenses - essentially a split of ⅓ each for each parent and the student. Loans taken by the student, scholarships and college funds that the student has generally are applied to their 1/3 share.

From there, the court looks at each household’s income, including new spouses and live-in partners. If one parent’s household income and assets are greater than the other, there will likely be a proportionate shift in the financial responsibility of the parents.

You will be required to complete the Federal Student Aid/ FAFSA financial aid forms so please

cooperate to get that done timely. What costs are included? In addition to 5 college applications, 2 standardized college entrance exams (ACT/SAT), and 1 college examination preparatory course, Illinois statute calls for the following, which may include, but will not be limited to:

  • The actual cost of tuition and fees, housing for a double occupancy room with a standard meal plan not to exceed the amount charged by the University.
  • The actual cost of the child’s medical expenses including insurance and dental expenses. Please keep your child on your insurance!
  • Reasonable living expenses for the student during the academic year and during breaks. If the student is living with one parent, the other parent will likely be required to contribute to the cost of the student’s living expenses for food, utilities and transportation.
  • The cost of books and supplies.

Post-high school education expenses are addressed at 750 ILCS 5/513 of the Illinois Compiled Statutes. The State of Illinois encourages your child to have a college education and expects both parents to support that goal.

Wakeman Law Group

741 S McHenry Ave, Suite A

Crystal Lake, IL 60014

815.893.6800

https://wakemanlaw.net/

Digital Access

Digital Access
Access nwherald.com from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Local news, prep sports, Chicago sports, local and regional entertainment, business, home and lifestyle, food, classified and more! News you use every day! Daily, weekend and Sunday packages.

Text Alerts

Text Alerts
Stay connected to us wherever you are! Get breaking news updates along with other area information sent to you as a text message to your wireless device.

Email Newsletters

Email Newsletters
We'll deliver news & updates to your inbox. Plan your weekend and catch up on the news with our newsletters.