One last tip: When your son's FAFSA is processed, the SAI will reflect having two students in college, but your daughter's SAI won't automatically update. If the schools practice professional judgment, they may adjust her aid package once they see the linked FAFSA for your son. Different schools handle this differently - some will automatically check for siblings in the federal system, others require you to notify them. I'd recommend contacting your daughter's financial aid office after your son's FAFSA is processed to make sure they're aware there's now a second student in the family.

Just want to add from personal experience - make sure you keep detailed records of both applications! I had to help my twins with their FAFSAs a few years back and keeping a spreadsheet with all the exact figures I entered for each kid was a lifesaver when verification issues came up later. Also, don't be surprised if your son's community college processes his aid much faster than a 4-year school - community colleges tend to be quicker with summer session aid. Good luck with everything!

Great question! I'm in a similar situation with my daughter who's also planning a gap year before fall 2025. From what I've researched, the key timeline is December 2024 when the 2025-2026 FAFSA opens. One thing I'd add to the excellent advice already given - make sure to check if any of the schools your son is interested in have priority deadlines for institutional aid that might be earlier than the federal deadline. Some colleges have their own scholarship deadlines in January or February, so you'll want to submit the FAFSA as soon as possible after it opens in December. Also, I've found it helpful to create accounts on each college's financial aid portal now, even before applying. That way when it's time to submit documents, everything is already set up. The gap year definitely adds some complexity to the timeline, but it sounds like you're asking the right questions early!

I went through this exact situation with my son two years ago! The advice here is spot on - definitely apply to colleges now and request deferrals, then complete the 2025-2026 FAFSA when it opens in December 2024. One additional tip: keep a detailed record of any gap year activities (work, volunteering, travel) as some schools ask for updates during the deferral period. Also, don't forget to check CSS Profile requirements if any of his target schools require it - the timeline for that can be different from FAFSA. The gap year ended up being incredible for my son's personal growth and he was much more focused when he started college. You're being smart by planning ahead!

Thank you all for the helpful responses! I called the financial aid office at my son's university this morning and specifically asked about both the Professional Judgment Review and the non-custodial parent waiver. They're sending me forms for both processes. They explained that for federal aid (through FAFSA), we technically only need my information as the custodial parent. But for their institutional scholarships and grants, they normally want both parents' information via CSS Profile. However, they do have a waiver process for my situation. I need to provide: court documentation from our divorce, my tax returns showing I've claimed him as dependent, and documentation showing I've paid his university bills. They also suggested getting a letter from our family therapist who's aware of the situation with his father. I feel much more hopeful now! Will update when we get a decision. Thanks again for all your help!

This is such great news! I'm really glad you were able to get concrete next steps from your son's financial aid office. The fact that they have specific forms for both processes shows they deal with these situations regularly, which is encouraging. The documentation you mentioned sounds solid - especially having tax returns showing you've claimed him as a dependent for years and records of paying his university expenses. The letter from your family therapist is a smart addition since it provides professional third-party verification of the situation. I hope this process goes smoothly for you! It's frustrating that the system assumes all parents contribute regardless of reality, but at least there are pathways to address these circumstances. Please do keep us posted on how it turns out - your experience could really help other families in similar situations.

As a newcomer to this community, I just want to say thank you all for this incredibly detailed discussion! I'm facing the exact same situation with mixed business structures and was completely lost on how to handle the valuation differences. What I'm gathering from everyone's experiences is that the most important things are: 1) Use current values as of submission date, 2) Be consistent and well-documented in your approach, 3) Check if the small business exclusion applies (which could eliminate reporting entirely for qualifying S Corps), and 4) Don't overthink it - reasonable estimates are acceptable. For those mentioning verification - approximately what percentage of FAFSA applications get selected for this? I'm wondering if I should prepare extra documentation upfront or if it's something to worry about only if selected. This thread has been a lifesaver for understanding these complex business reporting requirements!

As someone who just completed my FAFSA with multiple business entities, I wanted to share what ended up working for me! I had a Schedule C business and an LLC that elected S Corp status, so very similar to your situation. Here's what I learned through the process: 1. **Current values are key** - Don't use your 2023 tax return figures. Use the actual values as of when you submit your FAFSA. 2. **Small business exclusion is huge** - My S Corp qualified for the exclusion (under 100 employees, family-owned >50%, actively conducting business) so I didn't have to report it at all! Definitely check if yours qualifies. 3. **Keep it simple for Schedule C** - I used current assets (equipment, inventory, business bank account) minus any business debts. Don't overcomplicate it. One tip that really helped: I created a simple one-page summary showing my calculation method for each business with supporting documentation. Even though I wasn't selected for verification, it gave me confidence that my numbers were defensible. The conversion from Schedule C to S Corp in 2024 actually might work in your favor if the S Corp qualifies for the small business exclusion - you'd only need to report the Schedule C business! Good luck with your submission!

Just want to echo what everyone else has said about this actually being a blessing in disguise! I'm a financial aid counselor at a different school, and I see PLUS denials regularly. The additional unsubsidized loan amounts really do help, and that interest rate difference is significant over the life of the loan. One thing I haven't seen mentioned yet - if you're still short on funds after the additional unsubsidized loans, ask your financial aid office about "professional judgment" reviews. Sometimes they can adjust your aid package based on special circumstances like recent job loss, medical expenses, or other financial hardships that might not be reflected in your FAFSA. It's not guaranteed, but it's worth asking about if you're still facing a gap. Also, don't forget to check if your state has any need-based grant programs with rolling deadlines - some students miss these opportunities. Hang in there, Charlotte - sounds like you're handling this really well!

I'm a transfer student who just went through this exact situation last semester! My dad's PLUS loan got denied (credit score around 580 due to business closure during COVID), and I was panicking because I thought it meant I wouldn't be able to afford school. Turns out the additional unsubsidized loan amount was a lifesaver - I got the extra $5,000 since I'm a junior, and like everyone mentioned, the 5.50% interest rate is so much better than what the PLUS loan would have been at 8.05%. One thing I want to add that I haven't seen mentioned - if you're at a community college like Charlotte, some have emergency grant funds specifically for students facing unexpected financial gaps. My CC had a "student success fund" that provided up to $1,500 in emergency aid per semester for situations exactly like this. I only found out about it because my advisor mentioned it during our meeting about the PLUS denial. Definitely worth asking about! Also, consider reaching out to local organizations, churches, or community foundations - sometimes they have small scholarship funds for students in crisis that don't get a lot of applications because people don't know about them. The whole process is stressful but you'll get through it!