Fed Financial

Can you tell me the easiest steps to apply for financial aid when you own properties?

I was told that my 19 year old daughter would not get financial aid because of the properties that her parents own to much income they wanted to see our 2005 income tax papers why cant she apply on her own she has her own apt. and works and pays all her own bills?

Public Comments

1. She will have to wait until a certain age (something like 25 but I don't remember exactly how old) to be considered without your income and property. It doesn't matter if you are giving her any or not, they will not care. Her best shot is to work very hard at getting scholarships. There are a lot of them out there, and many do not look at parent's income.
2. your daughter can not apply independently until she is considered independent. in order to be independent she has to be either married, 25+, or own her own place. So, if I were you (assuming you are financially secure....). I would put one of your properties in her name and say that is her residence and she owns it and is therefore independent and can apply for financial aid without your info. Then the FAFSA people will only consider her financial position. I don't know why she can't apply on her own if she has an apt though. It does seem unfair. In the mean time have her check our the senatorial scholarships and such - she will need to do some writing, but this will easily guarantee her a few grand if she is a good student. Good luck.
3. She needs to complete the FAFSA as required. The form will have questions she needs to answer about her income and yours. She also needs to fill out the colleges forms. Doe she really pay all of her own bills? Carry her own health insurance, car insurance, cell phone, dr bills etc. Those are some of the items used to assert whether someone is truly independent.
4. because your daughter is 19 and not 24, no kids, or not married then she is considered a dependent. Since she has her own apt. and works and pays all her own bills, this does not make her independent, this rule is dedicated by the department of education. Hopefully, she has outstanding grades and have been active in her community to receive scholarships and the there are loans to consider or go to a community college 1st.