I'm in college, but my parents just cut me off. What to do?

Question

My parents and I had a fight of sorts, and now I have to learn to be independent. I'm a sophomore at Maryland Inst College of Art, and my parents have been paying for everything - til now. Please give me some advice as to what I should do now? How would I change my status as a dependent to an independent student, and is there anything else I might have to worry about (like taxes, the IRS, etc)? Any advice on student loans? I'm also trying to find as many jobs as I can to start saving up money. Thanks guys!

Answer 1

Sorry you had a falling out with your parents - maybe you should consider apologizing (after all, tomorrow is Mother's Day)? In either case, now that you're on your own, your first stop should be with your college's financial aid office. They'll be able to map out a plan on how to pay for college and obtain student loans. Second stop is to get that job. Also check out http://www.fastweb.com for possible scholarships (though these are hard to come by). Good luck!

Answer 2

Unfortunately, you can not be considered independent for federal loan puposes if you are under 24, unmarried or do not have kids. It is nearly impossible for someone to convince the Financial Aid department that their parents have cut them off. So, besides trying to qualify for outside scholarships (which is insanely difficult) I would suggest trying to apply for a private school loan. Sometimes you need a cosigner for these types of loans but not always. It's always a good idea to at least try. Also, I don't know if you were already getting federal loans while you're parents were helping but you are entitled to a few thousand dollars a year as a dependent student. Finally, if you are determined to stay in school and pay for it your self, you have a few options. First, try finding a job that pays enough for you to pay your own tuition and living expenses while taking a few classes at a time. Or, look for full time jobs at the university that may give tuition waivers. I found a 20 hour a week job at my school that allows me to take 6 credits for free during fall and spring and 4 credits for free during summer. Finally, if you can find a job in your field of interest, maybe you can get tuition reimbursement while working. You have to ask your employeer for it. If all else fails, you may want to take a few years off, work and save money and then return to school after you're 25 years old, as an independent student. Then, you could borrow a ton more money in federal loans but don't forget you have to pay it all back eventually. Good Luck!!

Answer 3

The first thing you will need to do is fill out a FAFSA, but this is due soon, so you probably need to take care of that ASAP. This will get you aid from the government in the form of grants, loans, and work study. These loans are the best loans you can generally get because they offer the best interest rates and they can be consolidated after you graduate. Unfortunately, irregardless of who is paying for college, you will still have to use your parents income amounts, so, depending on their income, you may not be able to get the full amount you need to pay for college. You may qualify for work study, which is pretty much just an on campus job and you can use the money from that to pay for college. You can also get independent student loans from banks, etc. Just know that when you graduate you can't consolidate your non-federal student loans w/ the federal ones, and depending on the bank, you may not be able to get a fixed rate on these loans like you can for the federal loans. This means that you will have to pay a different amount each month, and most likely, the amount will increase each month. As far as jobs go, I don't know much about the location of your school, but it would probably be most beneficial to you in the long run if you can get a part time job that will give you experience related to your major. Waitressing is also a good option though because usually you can get a little more money at those jobs becuase of the tips. If it's not for you though, there are plenty of other options, just make sure you find a job that lets you keep school as your priority. You probably will need to discuss this w/ the employer before you even start. Good luck. In the mean time, I would work on trying to work things out with your parents. School costs a lot of money and being in debt when you get out of school is no fun. As far as being a dependant, technically your parents can still claim you if they want to, but you probably will be better off if they don't because then you will be able to deduct your student loans on your taxes. If you don't know anything about taxes, I would suggest having someone like H&R block help you out. But make sure your parents are aware that you are planning on claiming yourself.

Answer 4

FAFSA: Free Application for Federal Student Aid

FAFSA Deadlines:

Submit 2006-2007 FAFSA on the Web Applications by midnight Central Daylight time, July 2, 2007.

Answer 5

As I answered in a previous question, there are many families looking for a nanny or au pair. The situation can be one of either living with the family of living on your own. I have posted ads at the local colleges for help with my son and have found some excellent resources. As the situation meets mutual needs it is a win/win solution.
Check with an office at the college that has a listing of job offers and also try placing an ad in a local newspaper or even the campus newspaper.

Answer 6

If you are less than 24 years old, you are SOL when it comes to independence for financial aid purposes. You could take out loans but as an art major, what are your potential job prospects and will you be making enough to pay them back? because you will have to, there is no bankruptcy for student loans. I would be a good child and kiss their @$$ if I were you to get the money coming back in again.

Answer 7

Why are all the answers so dull and short these days?

Answer 8

Not sure about that