<p>I currently live with my parents and am at a community college and am transferring to a university in the fall. Its going to be much more and I will have to take out loans. I know you have to be 24 to be considered independent, so my first year wouldn't qualify. But after the first year I'll be 24, but even if I still live at home at 24 can I still be considered independent? Also, if I move out after 24 would I be able to receive more FA? Is it a large enough increase that would be worth it to move out? Also, would the amount in loans I can get increase as well? Not just the Pell grant?
Any help would be great :)</p>
<p>You will be considered independent for the purposes of federal student aid if you’re 24. That means your Stafford loan limits will increase to $10,500 - however, you should only borrow as much as you need. Just because you can borrow more doesn’t mean you should.</p>
<p>Whether or not you will receive more university aid is entirely dependent on the university’s own policies.</p>
<p>I see, so what is the limit for the Stafford loan as a dependent?</p>
<p>For a junior, $7,500.</p>
<p>As a independent student, you will be eligible for about $4K, maybe a little more in Stafford loans and you may qualify for PELL and whatever state aid there is. As Polarscribe says, the rest is up to your university. Most schools don’t meet full need, so being eligible for more aid could make no difference at all.</p>