Parent's won't help pay for college.?

Question

I'm in a unique situation where my parents make a lot of money (Upwards of 80 to 85 grand a year), and this past year I had a job where I made around 30 grand a year. However, about 15 grand of that money went to my parents to keep them from going bankrupt, and they have neither the will nor the means to help me pay for college. The other 15 grand went to clothes for work, gas and food. I fed myself and took care of everything myself, taking no money from my parents.

Unfortunately, the FAFSA said that I was to expect my parents to provide around $20,000 for my first year of school, which is not going to happen. I'll be lucky if I get $200 to cover gas for driving down. Is there any way I can get around this issue? I know if you are emancipated, your parents income is not factored in. Unfortunately, I am 19 and have never been emancipated. It seems as though the student aid process has no considerations for someone in my position... and unfortunately I will either be in a lot of debt

Answer 1

The UCs and CSUs give very little grant money anyway. Even if you were on your own, the cast majority of your aid would be loans and work study. Go to a CC for 2 years and then borrow what you need to to finish at a UC and CSU. This is what most kids in CA end up doing.

Answer 2

Look, you can still apply for federal aid with you and your parents income information and the only thing you most likely wont qualify for is Pell Grant (gift money) and Subsidized loan (which happens to also be based on need). Though your parents situation and income does hamper you a bit, you're better off than those who truly qualify for these types of funding.  You still have a chance to qualify for the Unsubsidized loan. This year its up to an additional $2000. If your parents apply for a parent PLUS loan and get denied because of their bankruptcy, then you can apply for up to $9500 in an Unsubsidized loan.  You do accumulate interest once funds are disbursed but send in a check every third month to keep the interest down and to keep it from capitalizing.  Interest rate is at 6% after July 1, 2008.  Check with your financial aid office.  Best of luck to you guy!

Answer 3

Emancipation is not the issue. Your dependency status for federal financial aid has NOTHING to do with emancipation. If you hadn't seen your parents for 10 years and the last you heard, they were living amongst the aborigines, and they sent you a handmade blanket into which they had sewed the words "We're not contributing a dime to your college education"....

you would still be a dependent student for federal financial aid purposes, unless you were..

over 23 or married or providing for your own children or providing for another dependent in your home or a US military veteran or an orphan or an active duty member of the US military or in graduate school.

Those are the only criteria that determine whether you are an independent student.

If someone told you it's about emancipation, or who you live with, or whether your parents give you money, or whether your parents agree to provide you with the info you need to fill in the FAFSA, or whether they claim you as a dependent on their income taxes - then they're wrong.

A financial aid officer is permitted to make a special exception to the dependency status for very unusual circumstances - at this point, your only good bet is to appeal to the financial aid office for a review of your financial circumstances.

I can tell you that your own income of $30,000 last year, by itself, will make it hard for you to qualify for anything other than Stafford loan assistance, just because of the way that student income impacts the calculation of your EFC.

Good luck!