Financial Aid For Self Supporting College Student?

Question

My step daughter, while not technically my husbands biological child (he raised her for 20 of her 21 years), has been attending college. Her financial aid is based on her mother and step fathers income which is too much for her to recieve financial aid. Yet her mother and her step father have do nothing to help her financially for the last 3 years in college. We have tried to help her out where we can, but we also have three other children to take care of living at home, so there isn't much extra these days. I know there is a way for her to claim herself as self supporting. However, we can't get that information from the college and my research thus far has led me nowhere fast. She doesn't live at home and has no children. My question, can someone explain the steps for applying for financial aid as self supporting even though you have no children of your own?

Answer 1

Please have her check with the financial aid office at her college. They are experts on this stuff. You may need to go see them or call them on the phone.

In general, no one can claim this child on their taxes for her to be considered independent for financial aid purposes.

Answer 2

Okay, some advice from a student who's tried to do this. My parents don't really help me pay for my tuition and I thought about doing this, as well.

1) Well, if her parents claim her on this year's, or any of the past 3 years tax forms, as a dependent, then that's a bad thing. See this process is geared towards people who have NO family and are generally a ward of the court or an orphan. This isn't meant for people who just have financially unsupportive parents. Thus, she's going to need to prove both that she is currently financially independent and that she has been financially independent for the last 3 years .... if my memory serves me. Hence, parents claiming you as a dependent negates any chance of you credibly saying that you're financially independent ....

2) Her age is against her too. If what you say is correct and she's indeed 21 ... then she's going to have to wait. When a student is either in graduate school or over 24 years old, then they cannot be listed as a dependent by their parents so easily. And even if they have previously been listed as a dependent, after age 24 the system begins to say "hey, this person's old enough to be on their own ... time to let go of this tax break Mom & Dad!" Now I tried this a few years ago and I think it's age 24 that's the big deciding factor?

3) Federal Stafford Loans are available for any American student and you must fill out the FAFSA to qualify for these. The FAFSA tells you what federal money you're able to get (or not get) and what the student's expected family contribution is. A Stafford loan can be taken out without a co-signer and is repaid after the student finishes their educational career. Yet, these loans are pretty piddly in the amount they give, so ...

4) I'd recommend that she try and get a private student loan. I go through Wacovia ..... She probably hasn't enough credit to take out the loan by herself, so she's going to need a co-signer. Anyone with decent credit can be her co-signer ... doesn't have to be a relative. A co-signer is just someone who agrees to repay the loans if, for whatever reason, the applicant fails to make payments throughout the life of the loan. For private loans you still have to fill out the FAFSA because it just lets everyone know what the federal government thinks of your situation and blah, blah, blah.

Okay, I'm not going to be all judgy and crap, but I will give just a brief concluding remark. If every student who bitched about their parents not chipping in enough money for college was the deciding factor between dependent & independent ... then the majority of us students would be independent. The system knows this and that's why wards of the state and orphans are "independent" and not those of us who have stingy parents. Unlike elementary & high school, college is not a right and, therefore, if someone really wants it bad enough then they'll find a way. She'll probably get into debt (that her parents aren't obligated to pay) and be a slave to the financial aid system, but I think a degree will pay for itself and then some. Prudently get into debt that you'll happily work the next 40 years paying off is my motto :-) I hope this helps & good luck!

Answer 3

I agree with the previous poster. If they are claiming her on their taxes, she is not independent...technically. They are wrong for that but what can you do. I suggest she try to take out a private loan. Try www.myrichuncle.com. They often use gpa instead of a credit score if it is for someone with limited work experience. Also, definitely talk to financial aid as well. Good luck.