11.07.06 | I'm 23…why do I need my parents info for the FAFSA?
So… you are 23, independent, living on your own, and you decide that it’s time you got a college degree. Pretty cool idea! BUT….you need to know an important detail (one that I think is seriously outdated…). The Federal Government does not look at you as an independent being. Even if you support yourself and live on your own, until you are 24 or older, the government bases your eligibility for grants and student loans on your parents’ income! I know it seems bizarre, but that is how it is. There are some exceptions: you’re a U.S. armed forces member, you are married, you have a child, or you are legally emancipated from your parents. Whoa, crazy right? Don’t get down though. You need your parents’ information to fill out the FAFSA, but you do not need them to cosign on Federal Loans. Your parents’ will have no liability for your loans. And unless they make A LOT of money, chances are you will be eligible for a student loan.
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I thought emancipation was only for teens under 18. I can still be emancipated at 18 to ensure my application for financial aid is kept private from my parent(s)?
August 12th, 2008 | #
Question. Does $80,000 seem like alot for income for a family of 7? We have no extra income to support daughter thru college. $80,000 seems like alot on paper but not when caring for 7 people right?
December 10th, 2008 | #
@chrys: You’re right. Emancipation is only for minors. However, a financial aid professional can override a dependency if you can document that you are truly independent.
@lisa: that really all depends. If you download a copy of the EFC formula, you can see exactly how the number of dependents affects your financial aid.
December 17th, 2008 | #