Why must I include my parent's information when applying for Financial Aid?

Question

If my parent's have decided not to pay for my education, why must I include their information when applying for financial aid?

Answer 1

Because your parents don't get to decide.  The government tells you how much you will get a loan for and how much your parents get a loan for.  Atleast this is how it was when I went to college, of course that was 10 years ago.

Answer 2

Simply said, because it is federal law.  

By providing their income, they are not obligating them in any way to pay.

Untill you are married, 24 years old, have kids you support, are a veteran, are an orphan, have a bachelor's degree or were a ward of hte court until the age of 18 then you have to list their info.  So plan on doing it for the next 4 years.

Answer 3

You don't if you don't get financial support and live with them.  If you do then because you're claimed on their taxes, and you're living under them and receiving support you have to claim them.

Answer 4

As long as your under 24, not married or do not have a child, you are a dependent.  Meaning your parents income counts.  Even if you dont live with them and they dont claim you on taxes.  Also if your parents make tons of money, its not fair for you to get Aid when your family does not need it.

Answer 5

A lot of people find themselves in your situation, and the short answer is that the government considers you a dependent even if you don't live with your parents until you turn 24. I guess they do that to make it fair for people whose parents are really poor and don't have the option of deciding whether or not to pay, but it does put you in a rough spot. More information on federal financial aid here:

http://www.tuitionbids.com/student-loan-...

The thing is though, federal aid, even if you do qualify, is so inadequate these days because funding has not increased at the same pace as cost-of-living and rising tuition costs. You may have to resort to a private loan in the end. Will your parents agree to cosign a private loan? The company I represent, http://www.tuitionbids.com, lets you apply with up to 6 different lenders using one application. The idea is that if lots of banks compete for your business,  you end up with a lower rate. Just something to keep in mind further down the road.

Good luck!

Answer 6

It's important for you to enter that information, so that you can be supported... if you attend...

Answer 7

If you are still living with them, then their income is taken into consideration.  If you've moved out,  there should be no one's income to consider but yours.

Answer 8

Even if you're not living with them their income is taken into account as long as they are claiming you as a dependent on their taxes. As long as you are a dependent, it is assumed that they are helping pay your bills and supporting you- so you don't need as much money in the government's eyes.