<p>I have never applied for financial aid before, but was told by my friend that the laws changed and I can apply now, even though I am a dependent (I am considered independent now because I am 24??) Anyways, I just applied to see if I would be offered anything, and I was awarded a certain amount of money.. Now my parents are telling me that if I accept it, I can no longer be claimed on their taxes and I would lose my health insurance through my dad etc.. is this true? Am I stuck now that I have already been awarded the money? How do I make it known that I do not want the money? Any info on this would be greatly appreciated! Thanks!</p>
<p>Your parents are incorrect. Receiving financial aid and the filing of information on the FAFSA has nothing to do with whether your parents claim you or not on taxes. They are separate. The only difference is that now, as a 24 year old, you do not have to give your parents financial information on FAFSA, and the government therefore does not expect them to help financially with your education. You don’t lose your health insurance, since you will still be a student and you are under 26, and yes, if they house you they can still claim you I suppose. You are entitled to the financial aid. Your parents should educate themselves on this if they are interested, instead of ignorantly giving you false information.</p>
<p>teach is correct. As you are 24, you are independent for FAFSA purposes. Whether your parent’s claim you as a dependent on their taxes is completely irrelevant.</p>
<p>As far as taxes are concerned, they can only claim you as a qualifying child if you meet all the requirements. You have to have been under 24 at the end of the tax year and not have provided more than half your own support. If you were already 24 you can not be claimed as a qualifying child, but it is possible you can be claimed as a qualifying relative unless you earned more than $3700 in 2011.</p>
<p>Under the new health laws, in most case you can stay on your parent insurance until you are 26 unless you have a job that offers you insurance. You don’t have to be claimed as a dependent.</p>