Fed Financial
Will he qualify for financial aid?
My son graduated with a BS in May '06. He wants to go to graduate school in Sept '06. While getting his bachelors degree, he did not qualify for any financial aid due to income limitations of the family. (Parents had to pay). Now for graudate school he's declaring himself 'independent'. Which means we will not take deduction on '06 tax return. Will FAFSA look at him as independent for graduate school or will they expect parents to help pay (as they did for undergraduate degree)? Someone told me he has to be off our tax return for 1 year which means he won't get any $$.
Public Comments
- When I went back to school, I was 'independent' and still didn't qualify for financial aid in the form of grants the first year. I had been working full time prior to returning to school so my income was high enough to disqualify me. However, I was able to take out loans for that year. Grad school can be somewhat different. What kind of program is he applying for? Some programs expect students to teach or be TA's for a while- in return, their tuition is paid and they receive a stipend. In my experience, it isn't a lot, but it is enough to live off of. Good luck to your son!
- He does not have to be off your taxes for a year. He has to be over 24 or married or have a dependent for FAFSA to view him as independent. Filling out the FAFSA will require his tax returns from last year. The catch is that he has to have made over $14,000 the previous year or FAFSA will ask how he supported himself. If he didn't make at least that amount, FAFSA will require the tax information of the people that he's dependent on (usually his parents). How much financial aid he'll receive depends on how much he made and the school. I made $16,000 last year myself and only got loans and a small MAP grant. It's a fine line where you'll get real money or will you'll get nothing.
