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<p>I want to be independent because I really am. >></p>
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<p>Actually, you are not. To be independent you must be one of the following: married, have a dependent child, be a discharged member of the armed forces, be over 24 years of age, be an orphan, have already received on bachelor's degree. Unless you are one of these things you are NOT independent. It doesn't matter if your parents claim you as a dependent. It doesn't matter if you don't live with them. It doesn't matter that they don't have sufficient income to support you and you support yourself. THOSE are the guidelines for an independent student.</p>
<p>OK Can someone just answer my initial question. And um yea the school did take into account the fact I paid for alot of my stuff - so maybe I'm not technically independent but I am. If there is 100K equity would it be 5K contribution? and I would appreciate not getting snarky comments.</p>
<p>Below are examples of assets that are not reported:</p>
<p>Principal place of residence/family farm. Your parents' principal place of residence is not reported as an asset. Neither is their family farm if the farm is their principal place of residence and your family claimed on Schedule F of the tax return that it "materially participated in the farm's operation."
Personal possessions. Do not report possessions such as a car, a stereo, clothes, or furniture. By the same token, personal debts such as credit card debt cannot be reported.
Pensions and Whole Life Insurance. The cash value or built-up equity of a life insurance policy (often referred to as a whole-life policy isn't reported as an asset. The income distributed to the beneficiary must be reported as income.
Excluded Assets From Native American Students. Do not report any property received under the Per Capita Act or the Distribution of Judgment Funds Act (25 United States Code [USC] 1401, et seq.), the Alaska Native Claims Settlement Act (43 USC 1601, et seq.), or the Main Indian Claims Settlement Act (25 USC 1721, et seq.).
<p>Are you asking about the Profile.....how much they will assess the value of your house as an asset? </p>
<p>What we did was go to College Board and play around with the EFC calculator. I just plugged in random numbers to see what would happen. There is also a calculator on College Board that will help you determine the value of your home (date purchased, purchase price).</p>
<p>Please keep in mind that no one is giving you snarky commments, they are simply stating the facts. In the eyes of the federal government and the college, you are not an independent student. It has nothing to do with you being self sufficient (very commendable) but you are still a depepndent and your mother's income and assets will be used to calculate your EFC and financial need.</p>
<p>Regarding the left over life insurance, it will be considered income/asset and the cash from the policy should have been included in the fafsa as money in the bank.</p>
<p>If you have built up equity, then it will be included in your EFC that the college comes up with once they review all of your information from the profile</p>
<p>Thanks for pointing me in the right direction. I punched in the numbers and it hardly makes any difference for both FM and IM. At least nothing I can't make up during summer employment.</p>
<p>Go in and talk to a financial aid person. I was in a very different sitution where I was given no aid and really needed it, and once I had proven myelf academically to be an advantage to the school I talked to my advisor who then talked to the FA office, who reviewed my situation and gave me a grant that I wouldn't have had if I hadn't gone in to talk to someone. Does your family have a caseworker or some sort of "official" person who could write a letter confirming your family situation? if so send that in to the financial aid office.</p>
<p>mtf or goodtimes,
Wouldn't it make sense to seek out a college where you could get merit aid or a college that is less expensive to begin with? How can you consider staying in a $42K college for the next three years in your financial situation? I'm not saying it's fair (I don't think our EFC was fair either), but be realistic.</p>
<p>My situation is different from the OP. My financial situation just changed this year because of life insurance - last year I basically got a full ride. But the life insurance money is now in the house. Just seems when filling out the paperwork you report it as other untaxed income and then its reported a equity. Speaking about the CSS not FM because the home equity doesnt matter. So basically I guess I could sit out a year because the life insurance is only a one time thing. I had a state scholarship but we moved i.e. so I've been told that is in question and now I would pay out of state anyway (so basically the same problem). Besides most of the deadlines have passed for fall 2006 admits to my state schools.</p>
<p>Look up the Simplified Needs Test-- if you and your mom can file short form taxes, you may qualify and the assets will be excluded from the FAFSA formula. That would leave you with an EFC close to 0.</p>
<p>"This simplified formula ignores assets, thereby increasing eligibility for financial aid. An applicant qualifies for the simplified needs test if the parents have an adjusted gross income of less than $50,000 and every family member was eligible to file an IRS Form 1040A or 1040EZ (or wasn't required to file a Federal income tax return)"</p>