College is undoubtedly one of the most expensive investments that you will ever make. As college and university tuition prices continue to rise, it may seem impossible to help pay for your child’s tuition. When couples decide to have kids, oftentimes they will create a separate savings account that will be used towards their children’s tuition. However, the steady increase of tuition costs and the day-to-day costs of raising a child can leave these accounts inadequate to cover the child’s costs as they settle on which college or university to attend.
For divorcing parents, things become even more complicated. In Illinois, divorced parents are required to create a parenting plan that outlines the details of parental responsibilities, parenting schedules, and child support obligations. Unlike some other states, Illinois law addresses the topic of costs associated with college, requiring many parents to help fund their child’s education.
As a parent reviewing your child’s post-high school options, you may be intimidated by the cost of college. In order to give children with divorced parents the same financial support as those whose parents are still married, a family court judge can require you to assist with the following costs. Because state schools are typically more affordable than private institutions, Illinois law uses the University of Illinois at Urbana-Champaign (U of I) as its reference point....