Am I an Independent Student?

Paying for College
1

<p>I'm going to make $80k this year. I don't expect my parents to spend a cent on my tuition. I am applying to a school that costs 65k per year. I've always been placed as dependent according to the questionnaire they give you, but in my case, do you really think I am?!</p>

<p>Also, do you guys think it would be a smart idea to transfer my business to my fathers name so the 100k income appears in my parents income and not mine, the student? Would that give me more aid?</p>

<p>I also have 30k in a mutual fund, should I sell that before I apply for aid?</p>

2

<p>You sound independent in general, but for finaid if you’re under 24 and don’t meet some other conditions you are dependent. I think it would be fraud to transfer your business to your father given the circumstances you’ve stated. Are you going to spend the entire $30k from the mutual fund? If not it’s still a reportable asset of that value even if you hide the proceeds under your mattress. </p>

3

<p>If you earn $80,000 a year, you can afford to pay for college on that income. Maybe not a $65,000 a year college…but you should be able to pay for college.</p>

<p>ETA…are you transferring to a new college? Previous posts indicate you have completed at least one full year of college. </p>

<p>You had similar questions about your business income in July 2013. And you received some advice at the time. Has anything changed other than an increase in your income?</p>

4

<p>I’m going back to BU for sophmore year. I took a year off last year. My income has increased since then. </p>

5

<p><a href=“BU Changes its Initial Award THIS LATE - Financial Aid and Scholarships - College Confidential Forums”>BU Changes its Initial Award THIS LATE - Financial Aid and Scholarships - College Confidential Forums;

6

<p>If you are under 24, you will still be considered dependent.
Even if you were over 24, with that amount of income you will not qualify for pell grant, maybe Stafford and plus loans.
If you transfer the business and all the income to your parents, you will still be considered dependent - upon them and so they will not qualify for pell grant or aid either based on the overall family income.
Best of luck to you.</p>

7

<p>Even if you transferred everything, then income would be included under your parents’ income. Unless they make $0, with your income added to their, it’s unlikely you’d (they’d) qualify for FA anywhere.</p>