<p>I'm applying to several schools as a transfer student. I'm not going to be asking for financial aid from these places as I don't want to hurt my chances (since aid is limited for transfers) and since my parents plan on helping me some. </p>
<p>My dad has suggested that he file his tax returns with me as an independent. I would be seeking private financial aid from banks or school-loan specific organizations. Would that be beneficial for me to put? If I file as an independent, is there any way for me to get government grants or loans? My family currently makes a little over 80k a year.</p>
<p>Also, what are some good loan places? I am applying to private universities and will be looking for roughly 40k a year for 2 years, 3 max. </p>
<p>Any help is greatly appreciated.</p>
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My dad has suggested that he file his tax returns with me as an independent. I would be seeking private financial aid from banks or school-loan specific organizations. Would that be beneficial for me to put? If I file as an independent, is there any way for me to get government grants or loans? My family currently makes a little over 80k a year.
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<p>In the eyes of the college and financial aid unless you meet one of the following criteria:</p>
<p>Over the age of 24
Married
You have dependents of your own for whom you supply more than 50% of their support
Ward of the court before the age 18
served in the military</p>
<p>You will be considered a dependent regardless of how your parents file and their income and assets will be used to determine your EFC and financial aid.</p>
<p>Yes, while aid may be limited at some schools for transfer students, if you need aid you should apply for it because it makes no sense to be admitted to a school that you may not be able to afford to attend. You will get no federal aid as an "independent student" because you will not be considered an independent student (if you are eligible for federal aid now under your parents, that is what you will get).</p>
<p>IMHO, to take on $80 to 100k in debt as an undergrad is just plain absurd and will cripple your future choices and not worth it</p>
<p>also -- when schools say that financial aid is limited for transfer students, they are generally referring to the multiple scholarships/grants that are specifically aimed to attract freshman. Just indicating that you need aid will not necessarily get your admission denied -- you may just not get that favorable a package.</p>
<p>sybbie is 100% correct -- taking out loans of the magnitude you are referring to is ridiculous, even if you could get someone to loan you that money. Most likely, you will have to have a co-signer who would agree to pay the loan if you default. </p>
<p>What school are you looking at applying for? How much are your parents willing to pay?</p>
<p>A financial aid package generally consists of loans and grants -- along with work-study. Are your parents able and willing to pay the EFC?</p>
<p>If you cannot attend the school without borrowing vast amounts of money -- you can't afford it and you need to look elsewhere.</p>
<p>The schools I am applying to are: Brown, Wesleyan, Chicago, WUSTL, NYU, Georgetown, and UTAustin.</p>
<p>You will get very little if any aid at NYU. You have the benefit of being in state at UT austin. I would suggest loooking up the financial aid policies at the other schools to see how those policies pertain to transfer students.</p>
<p>The only benefit of becoming independent from a tax standpoint if you do not meet college independence criteria (posted by Sybbie), is that you may be able to take tax deductions that your parents cannot take. I know several families where the income put them over taking dependent deductions, and of course, way over taking any of the college tax credits or deductions. An student who is tax independent is likely to be able to take those tax breaks.<br>
Also call the schools to find out what their policies are on aid for transfers and whether they view transfer applicants on a need aware basis. I know some kids who transferred to Cornell and they continued getting a similar loan package or even a bit better than they got from their original school.</p>