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