What is the amout of financial aid you get based off of.?

Question

I live with my parents. I don't get any financial aid and I think it is based off their income. If I moved out would it be based off of my income.

Answer 1

Yes it would. They also look at savings. They look at if you are independent or dependent. But there is a series of question to determine this. But if your parents make decent money you prob. wont get much moeny cuz they are expected o contribute...so apply for scholarships!

Answer 2

It is based on family contrabution.  If you were claimed on their taxes for 2007, then your 2008-2009 finacial aide will be based on that.  If you move out now, your parents could claim you for 2008, and then you have to claim their income then also.  They also look at your age.  23 is the magic age.  Go online to the fafsa site and there are questions there that you can get awnsered.  Family contribution is figured on how much the formula says you can afford to pay for schooling.  Anything beyond your family contribution you can get grants for.  Good luck.

Answer 3

Your Parents can be one factor.  First it goes by your age.  If you are (I think) 24 or older than you are consider as a dependent no matter if you live with your parents, or not. If you are a dependent then and only then does it go off your income but if you are unemployed and a dependent there is alot more paperwork involved. The school will want to know how your living with no money coming in .

If you are not at that magical age to become a dependent then YES it based off your perent income.

Your best bet is to fill out a FAFSA anyway even if you think you or your parents make too much.  You may still recieve something, If the school works on a sliding scale what's on the SAR as your contribution may not be your correct total.

Also, schools have special circumstance form maybe your parents have to mauch to handle, or one of them is sick, or just out of the hosiptal, Life happens and the financial aid dept will try and help.

First step, is to go visit your financial aid advisor, ask them if there is anything you can do to get assistance. they are suppose to help you. The more students a college has enrolled the more goverment support money it gets.

Oh yeah and once you get aid, make sure you file your paper work right after jan 1,  and turn it in before jan 31, (yeah you should have until like mid april, but if you among the first to turn it in you are eligable to get an extra 1000.00 tact on to your assistance total.)  Good luck.

oh yeah, you could also look for private scholarships, you don't need to show income, if you are good at essays and/or excelled in certain subject one might be right for you. look in you local library, a book comes out every year showing available scholarships in every state, and every library should have a copy.