My parents claimed me on their taxes, yet through FAFSA I am considered an independant, how does this work?

Question

I'm not sure if I will receive a check or not, I'm fairly sure I won't but after receiving the independant status on my FAFSA I'm still confused. I'm a FT student who works (Definitely not enough to make 3,000+ though :P) and I'm 23 years old if that matters. I did check the IRS website and they never really specified what part Fafsa plays, if any. Unless I overlooked it. Any help would be appreciated on clearing this matter up! Thanks!

Answer 1

Your status for educational financial support is irrelevant to the rebates. If you are claimed as a dependent, you are not eligible for one.  Period.  

Even if you were not claimed as a dependent, with less than $3,000 in Qualifying Income, you're still not eligible.

Answer 2

Dependents will not get the rebate. Your parents will not get extra for you as you are over 16 in 2007. You may get rebate when you file your 2008 tax return.

For information on stimulus tax rebate read: http://taxipay.blogspot.com/2008/02/are-...

Answer 3

There are some parameters to be considered as an independent entity by FAFSA:

-Having more than 24 years old.

-Being married regardless of the age.

-Having dependants.

-Being an orphant or being in court custody.

-An enrollment in an postgraduate or graduate program.

If you haven't met any of this conditions you're not a independent student. If your FAFSA application indicates that you're an independent not having any of this conditions, it might be an error in your current application.

If your EFC is just $3,000, being independent, you'll probably get the option to claim the full quote of grants and loans.

-Up to $4,000 from Pell Grant Program.

-Up to $7,500 in subsided & non-subsided Stafford loans.

-Other grants.