I’m a senior who just got into UCSD. My parents have enough money saved up to send one child to college for 4 years. My sister is about to enter high school. In order to qualify as an independent, I have to have lived alone/supported myself for at least 2 full years. That means I would have to be indpendent my soph/junior years in order to qualify for sufficient aid as an independent in my senior year. I’m premed, so there will also be med school to pay for/consider. My mom encourages this path for me but my father worries it will be a hindrance to my studies. Thoughts?
How the heck is a HS senior going to become financially independent? Where does your mom think you’re going to live- under a bridge? How are you going to eat?
You are terribly misinformed. The law states you cannot be classified as independent unless you are 24 years old, married, provide more than 50% support of a dependent, or are honorably discharged from the military. Supporting yourself for any amount of time does NOT qualify you for independent status. Your parents claiming you or not claiming on their federal tax returns is irrelevant also.
You are not and will not be an independent student for financial aid.
You’re talking about being independent your soph/junior years of college - right? How do you plan to support yourself financially while maintaining the grades necessary for med school applications?
Not a good idea, can’t do it.
I don’t see how this can possibly work. How can you be independent and also pay for university? Also, if this would work then why doesn’t everyone do it?
If you intend to be premed, then you need to very carefully consider how far into debt you are going to go, and pay attention to the cost of getting your bachelor’s degree. You say that your parents can pay for 4 years of university total, and that you have a sister. If we figure that you get 1/2 of the college funds, this pays for 2 years. Depending upon where you go (and not knowing your cost of UCSD), the cost of the other 6 years (4 years undergrad plus 4 years medical school) can easily be around about 70,000*6, or $420,000 (I am expecting that UCSD is probably less than this in the short term, but by the time that you get to medical school it will probably be more). This is way too much debt even for a doctor (and certainly too much for a medical resident). If you can get a solid premed program at a less expensive school then do it. Also, of course the possibility of graduating from medical school is not the worst danger, the worst danger is going to medical school, running up this much debt, and then NOT graduating (either because you don’t pass or because you decide that you hate it). People who drop out of medical school with massive debt can be in big trouble. Some people continue even if they hate it because being a doctor is the only chance to pay off the debt.
What would UCSD cost for you? This may be more important than whether you get in.
You applied to college as a dependent student. Now your parents think it will be easy peasy for you to become independent…and this will net you enough aid to attend your junior and senior years of college? Do I have that right.
And it looks like you are a CA resident.
If I have it right…your parents have it WRONG.
- As noted above, for financial aid purposes, you would need to be over 24, married, an orphan, homeless, a veteran of the armed forces, or a parent who is supporting a child.
So…are you any of the above?
In addition, the colleges would require that you show that you are receiving NO (read that again…NO) support from your family. This would include health insurance, car insurance, any money given to you at all, any money towards living or college expenses…everything.
AND you would have to demonstrate that YOU earned enough money to support ALL of your own expenses including your college costs, rent, utilities, food, insurances, clothing…well…everything.
- The financial aid for the 2019-2020 school year, which would be your junior year in college, will use income from the 2017 tax year. You better line up that high paying job NOW...because it's the earnings this year you will need to show the college financial aid folks in 2019-2020.
- I would strongly suggest you check YOUR college because at some, you cannot become independent in subsequent years if you were dependent when you applied and enrolled.
- What do you hope to gain? The maximum federal aid you can get is $7500 Direct Loan for your junior year, and any Pell Grant to which you are entitled. BUT remember, you will need to demonstrate that you are self supporting. So YOUR big income will count. You might not be Pell eligible at all...so you would get just that Loan...which you can get anyway. You don't need to be an independent student to get the $7500 Direct Loan. Oh...sure...you would get $11,500 as an independent in loans...but come on...I doubt all you want is loans.you can get $7500 anyway...and your parents could cosign a $4000 additional loan.
- You would probably need to work full time to earn enough money to pay all your bills and demonstrate to a college that you are financially doing so. So....your income would need to be a decent one. You might not qualify for additional aid, except that loan.
- Oh...and earning that much money would mean working a LOT of hours...like full time. Most self supporting people work full time. Are your parents suggesting you work full time your freshman and sophomore years of college so you will qualify for need based aid your junior and senior years? If so, that is not a sound suggestion.
- Premed. You will need TIPPY TOP grades when you apply to medical school, if indeed you get that far. When exactly would you study if you were working full time, and taking classes full time? When?
- You are looking at two UCs. The UCs do not meet full need. Did you apply for and receive a Calgrant this year?
@mom2collegekids don’t you have to apply for the Calgrant within two years of HS graduation?
This plan is flawed in more ways than I can include here.
Find a college that is affordable. If getting $4000 additional direct loan is going to make you or break you, this college is not affordable.
Just so student doesn’t leave come and claim homlessness; you simply cannot be homeless, you must be an unaccompanied minor and there is a process for getting that status.
@thumper1 is absolutely correct!
@gureum, is your mother aware of how expensive San Diego will be?
You can’t be considered independent for all of the reasons noted by the above posters. Listen to dear old DAD. He’s got it right.
I think that once you start at a UC as a dependent student, you’ll be classified as dependent all 4 years unless you get married or join the military. You need to pick a school based on the money you have available to you now.
If your parents only have enough to pay for 4 years of residential college at a UC but they have two children, then you need to start exploring options that are affordable on your share of the budget. UCSD costs ~$30k/year. If your parents have ~$120k saved, that means you and your sister have a total budget of $60k each. That gives you $15k/year. If you file the FAFSA, you can borrow ~$5500/year, and if you work summers you can probably earn an additional ~$3k. That gives you a total budget of ~$23k/year. How will you pay the other $7k?
Is there a UC or CSU that you can commute to and live at home? This will most likely be your affordable option.
Will your parents contribute from their income on top if what they’ve saved for you and your sister?
Do you currently have a job? If not, hurry and find one.
Can you commute to a university you got into? That would save the cost if room and board.
If you and your sister both do two years at a community college and two years at a UC, your parents may be able to pay for both of you.
Going the community college route would have two additional benefits for you:
First, you would bypass many of the UC premed weeder classes. No matter how good of a student you are, do not underestimate how difficult and competitive these classes can be.
Second, you would finish your undergraduate degree with minimal debt. You would be able to focus 100% on getting good grades and doing med-related ECs rather than working long hours to pay for school.
“Second, you would finish your undergraduate degree with minimal debt.”
A BIG advantage regardless of what you do after getting your Bachelor’s degree. Zero debt would be ideal, but is not possible for many students.
“You would be able to focus 100% on getting good grades and doing med-related ECs rather than working long hours to pay for school.”
Also a huge advantage.
You also have to be age 24+.
Sorry, but my son dropped out of college at age 20, got a job and moved out on his own, earned $25K+ for 3 years, fully supporting himself, easily documented with tax returns. At age 23 he enrolled in a CSU as transfer, and even though he had lived on his own, wholly self-supporting for 3 consecutive years, he was still classified as a dependent for financial aid purposes. Because his earnings were factored in as a dependent-student calculation, he was not eligible for financial aid – he used savings and income from a half-time job to support himself and pay for his junior year. The following year, at age 24, he did qualify as an independent, and that year he received Pell grants and also won some competitive scholarship money from outside sources so he ended up graduating debt free. At age 25.
@calmom now using prior prior year for income on the financial aid forms…it is even more challenging.
@gureum: you simply can’t. It’s too complicated and it’d delay your graduation by at least 3 years.
You could probably commute to a community college then contribute through a part time job, plus take the federal loans of 5.5K and “bank” them for the UC, when you transfer to a UC you could stay within your parents’ parameters of 30K total for 4 years of college. If they can contribute something from income that increases your budget a little.
What are your stats (GPA, test scores)?
There seems to be a serious hole in the family logic.
How are you supposed to pay $70k+ for your full expenses for the next 24 months (including summers). It sounds like mom thinks that you can use 2years of the college fund…but then, obviously, you wouldn’t be self-supporting.
This used to be something people did and got away with, not anymore.
Moving forward… if you and your sibling each take your student loans each year that’s a year each. That still puts your parents short a year, or 30k, for each of you. You can certainly work summers, get a job during school, move to off campus housing for later years to try and save money… but, your parents need to re evaluate their finances, because any way you slice it they’re a bit short.