If i apply to fafsa as an independent how much money should i be doing during the year?

Question

they will check my taxes and depend on that they will decide how much money will i receive

I'm already 25. i just want keep studying

Answer 1

Hi. It dosen't matter how much money you make, if you are applying for a loan, but if it is for a Pell grant, then no more than 20,000 a year. The more you earn, the more your grant goes down. You can be an independent student to apply or a dependent (under 24)
The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain postbaccalaureate students to promote access to postsecondary education. Students may use their grants at any one of approximately 5,400 participating postsecondary institutions. Grant amounts are dependent on: the student’s expected family contribution (EFC) (see below); the cost of attendance (as determined by the institution); the student’s enrollment status (full time or part time); and whether the student attends for a full academic year or less. Students may not receive Federal Pell Grant funds from more than one school at a time. Financial need is determined by the Department of Education using a standard formula, established by Congress, to evaluate the financial information reported on the Free Application for Federal Student Aid (FAFSA) and to determine the family EFC. The fundamental elements in this standard formula are the student’s income (and assets if the student is independent), the parents’ income and assets (if the student is dependent), the family’s household size, and the number of family members (excluding parents) attending postsecondary institutions. The EFC is the sum of: (1) a percentage of net income (remaining income after subtracting allowances for basic living expenses and taxes) and (2) a percentage of net assets (assets remaining after subtracting an asset protection allowance). Different assessment rates and allowances are used for dependent students, independent students without dependents, and independent students with dependents. After filing a FAFSA, the student receives a Student Aid Report (SAR), or the institution receives an Institutional Student Information Record (ISIR), which notifies the student if he or she is eligible for a Federal Pell Grant and provides the student’s EFC.

Answer 2

That will depend on your earnings from the previous year. Depending on the grade level, you could receive the maximum allowed. Complete the FAFSA truthfully and see what is determined. Also you might have to submit your tax returns to your school if you are selected for verification.

Answer 3

in order to file independent u either have to be married over 25 or have lived alone for 2 yrs min. or have a baby. otherwise ur parents mus be on the fasfa and fyi your previous yr taxes is always the way they determine your eligibility if and how much money u will receive and if u r eligible for loans