FAFSA and dependent status

Paying for College
1

<p>So I want to try and figure out if this is a viable option or not and what the consequences will be if it is, I don't know where to look for an answer so hopefully you guys have an idea.</p>

<p>I'm a college freshman, when applying for federal (FAFSA or whatever) for my current year I applied as a dependent of my mom. Problem is I got no federal aid, my mom's retirement money threw it WAY off (not a retirement account or anything just money in the bank she put aside or something) which made me mad because I needed aid. I had to take out loans and really don't want to do that again. My mom said she can't like hide the money when I apply for aid for next year. </p>

<p>What I wonder is, if I for taxes or whatever don't file as being her dependent and just as like regular whatever would that mean I get the aid that I really do need? I worry about this because I really am a dependent, I have no job (not for lack of trying) and need financial support from her but she can't afford tuition without taking out loans. I'm going to really go into scholarship overdrive this year but I want to plan for the worst. </p>

<p>What would be the consequences of filing taxes as a non-dependent (or whatever), I mean I have no income, own no property or anything so how much could they really charge me in taxes for just existing?</p>

<p>I hope this makes sense, I'm never sure how to word this stuff.</p>

2

<p>Unfortunately until you’re 24, married or a war vet, you can’t do that. Your parents income and savings will count until then.</p>

3

<p>Whether you are a dependent or not for taxes is completely irrelevant to FAFSA and financial aid. Dependent for taxes and dependent for FAFSA are 2 completely different things. </p>

<p>To be independent for FAFSA you must be able to answer “yes” to one of the dependency questions. The main one is age (24 or older). Others include being a veteran, having a dependent of your own that you provide >50% of support for, be married, be pursuing a masters or doctorate etc. Non of the questions relate to dependency for tax purposes.</p>

4

<p>If your mom’s retirement savings are in a qualified retirement account (ie. IRA, Roth IRA, or 401(k)) they will not be reportable for FAFSA purposes. Why is she keeping retirement money is an account that is not tax-qualified? An IRA can be with a bank if she’s concerned about safety…</p>

5

<p>Your tax filing status has no relation to your filing status for financial aid at all.</p>

<p>Unless you already have your bachelors, are over 24, are a veteran, are an orphan or ward of the state, have a dependent child you support, are married, you will be considered a dependent for financial aid purposes.</p>