Your dependency status affects what financial aid you qualify for, including subsidized and unsubsidized student loans. With Credible, you can easily compare multiple private student loan lenders after filling out just one form.
Home » All » Student Loans » Independent vs. Dependent Student: Which Are You? Advertiser Disclosure. When are you considered a dependent student? When are you considered an independent student? What to do if you have a special circumstance You can try to appeal your status Financing your education What is the difference between independent and dependent students? Enter your loan information to calculate how much you could pay Loan amount? Interest rate?
Loan term? Enter the amount of time you have to repay your loan years. Need a student loan? Your expected family contribution will generally be much lower than that of a dependent student.
That means you should qualify for more financial aid as an independent student -- potentially including more grants and subsidized student loans. Your dependency status directly affects the maximum amount of federal student loans you're eligible for. The table below shows the maximum borrowing limits for both subsidized and unsubsidized loans depending on whether you are classified as an independent student or a dependent one. Source: Department of Education.
Eligibility for types of financial aid, such as Pell Grants and school or state aid, are also affected by your dependency status. For example, if you are an independent student with a lower EFC because your parent's income isn't factored into your contribution, you may be more likely to qualify for the maximum amount of Pell Grants. The exact amount of extra financial help you'll receive will vary depending just how much your parents earn as well as based on your own income and family status.
While a FAFSA independent student can receive more help paying for school, you can't just determine you want to be classified as independent. The Department of Education outlined 10 key questions you'll need to answer to determine your dependency status.
If you answer yes to any of these questions, you may be considered an independent student. But if you answer no to all of them, you will be considered a dependent.
This is true regardless of whether you are claimed on your parent's tax return or whether you actually have close contact with your family or receive any support from them. Your school's financial aid office will verify the information you provided and your eligibility for loans, so you'll need to be prepared to show you meet the criteria for independence.
Regardless of your dependency status, you should aim to submit your FAFSA as early as possible when it becomes available in October of each year, as some sources of aid are limited.
You can also explore financial options for paying for college outside of federal student aid if you don't qualify for enough to cover your degree. Private student loans can supplement your federal aid and Juno can help you get the best possible rates by getting you together with a large group of other students and negotiating with lenders on your behalf. Juno can help you to find a student loan or refinance a loan at the most competitive possible rate. We get groups of buyers together and negotiate on their behalf with lenders to save them money on private student loans and private student loan refinance loans.
Join Juno today to find out more about your options for affordable private student loans to help fund your degree. Christy Rakoczy Bieber is a full-time personal finance and legal writer. Christy was previously a college teacher with experience writing textbooks and serving as a subject matter expert. The difference between in-state and out-of-state tuition prices can be drastically high. This article will help you understand how you might qualify for in-state tuition costs.
Finding specific scholarships is a great way to fund your education. This article dives into scholarships for journalism. Finding a job can be difficult, even it you qualify for a work study. This article breaks down some options you may have if you can't find a work study position.
Paying for college in the US can be costly. A dependent student is a student who doesn't meet any of the requirements for an independent student. In the vast majority of cases, an undergrad student who lives with their parents is going to be considered a dependent. A student is considered independent if they meet any of the following criteria. They are:. Note: Your school may ask for documentation of your independent status, such as a marriage certificate or proof of emancipation, so be prepared to provide it.
If they don't apply and you have tricky situations, such as not living with your parents, are not in contact with you, or they're simply unwilling to provide their information. If your custodial parent has remarried, you will also need to include your custodial parent's spouse's income information as well. If a single, divorced parent receives child support, it must be declared along with their income.
If your parents cannot contribute to your education due to death, disability, incarceration, abandonment, abuse or another reason, you may be eligible to change your status by completing a Dependency Review Form. Simply having a less-than-ideal parental relationship isn't going to change your status.
Be sure to check our question-by-question FAFSA guide to help ensure that you qualify for the maximum amount of financial aid that you're entitled to. Carol Katarsky is a contributing writer for Nitro. She is an award-winning journalist with extensive experience writing about both finance and education.
She lives in Philadelphia with her husband, son, and one cat more than she should. Read more by Carol Katarsky.
0コメント