I'm over 24 years......... (cost, school, pay, program)
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Once you're over 24 (I think it's 24, maybe it's 23).... you're no longer considered a "dependent" of your parent (shouldn't it be 18???? :P) and when you apply for student loans you don't have to include your parents names anymore! woohoo!!!!!!
Does this mean you'll be eligible for more loan money then you would it your parents were included on it????? Please say yes! :P Cuz when my P's were on the loan they ended up still having to pay a chunk of my school cost even thought I got a loan for part of it.......
Once you're over 24 (I think it's 24, maybe it's 23).... you're no longer considered a "dependent" of your parent (shouldn't it be 18???? :P) and when you apply for student loans you don't have to include your parents names anymore! woohoo!!!!!!
I do not remember if FAFSA asked for parental information when I was twenty-four, but I do know that the school that I was attending when I was twenty-four requested my parents info. I asked if they really needed it, because you know, I was twenty-four. They said that they really did. The school can ask for any info that they see fit in order to determine your financial need.
Quote:
Originally Posted by SubaruFiend
Does this mean you'll be eligible for more loan money then you would it your parents were included on it????? Please say yes! :P Cuz when my P's were on the loan they ended up still having to pay a chunk of my school cost even thought I got a loan for part of it.......
Nope. The amount of Federal loan money that you are eligible to receive is based on your year in college, not age or dependency status. It is possible that you will receive more grant money, though.
Nope. The amount of Federal loan money that you are eligible to receive is based on your year in college, not age or dependency status. It is possible that you will receive more grant money, though.
actually, this is wrong. independent students get more money than dependent students. the amount you get in gov't is based on both your year in college and your dependency status
ETA: here's the info:
If you're a dependent undergraduate student (excluding students whose parents cannot borrow PLUS Loans), each year you can borrow up to:
* $5,500 (for loans first disbursed on or after July 1, 2008) if you're a first-year student enrolled in a program of study that is at least a full academic year. No more than $3,500 of this amount can be in subsidized loans.
* $6,500 (for loans first disbursed on or after July 1, 2008) if you've completed your first year of study and the remainder of your program is at least a full academic year. No more than $4,500 of this amount can be in subsidized loans.
* $7,500 (for loans first disbursed on or after July 1, 2008) if you've completed two years of study and the remainder of your program is at least a full academic year. No more than $5,500 of this amount can be in subsidized loans.
If you're an independent undergraduate student (and a dependent student whose parents have applied for but were unable to get a PLUS Loan (a parent loan)), each year you can borrow up to:
* $9,500 (for loans first disbursed on or after July 1, 2008) if you're a first-year student enrolled in a program of study that is at least a full academic year. No more than $3,500 of this amount may be in subsidized loans.
* $10,500 (for loans first disbursed on or after July 1, 2008) if you've completed your first year of study and the remainder of your program is at least a full academic year. No more than $4,500 of this amount may be in subsidized loans.
* $12,500 (for loans first disbursed on or after July 1, 2008) if you've completed two years of study and the remainder of your program is at least a full academic year. No more than $5,500 of this amount may be in subsidized loans.
Once you're over 24 (I think it's 24, maybe it's 23).... you're no longer considered a "dependent" of your parent (shouldn't it be 18???? :P) and when you apply for student loans you don't have to include your parents names anymore! woohoo!!!!!!
Does this mean you'll be eligible for more loan money then you would it your parents were included on it????? Please say yes! :P Cuz when my P's were on the loan they ended up still having to pay a chunk of my school cost even thought I got a loan for part of it.......
Yes, it means you can get more loan money. I think last year it was $10,500 maximum if you are an independent student. If you are under 24 then they figure you are still a "dependent" even if you're not. I agree with you - it should be 18. I have 3 kids in college and even with them getting the full amount they are allowed as dependent students, plus them having jobs and us kicking in the rest, it is very expensive. I always wondered about students who have parents who really cannot contribute to their education. The student loans they are eligible for is not enough to cover the cost of attendance, at least not at a university (maybe at a junior college it would). Doesn't seem right.
Originally Posted by K-Luv;6233315Nope. The amount of Federal loan money that you are [B
eligible[/b] to receive is based on your year in college, not age or dependency status. It is possible that you will receive more grant money, though.
Not sure about private loans.
That's not true. It does go by year in college, but a student who is considered independent can get $10,500 a year at this point, whereas a student who is considered dependent (under 24) can only get $7,500 max.
why is it when you hit 18 you're considered legally an adult..... but yet it's not until 24 that you don't have to rely on mommy and daddy for school anymore????? That doesn't make ANY freakin sense to me!!! AT all!
why is it when you hit 18 you're considered legally an adult..... but yet it's not until 24 that you don't have to rely on mommy and daddy for school anymore????? That doesn't make ANY freakin sense to me!!! AT all!
b/c it's expected that families save up for their kids' education so they don't have to rely on gov't handouts, and those handouts can be used for those who really needs them (ie, mainly the independent students who may not have parents to pay their bills). from what I've heard, people took advantage of finaid in the past so the guidelines were tightened up
b/c it's expected that families save up for their kids' education so they don't have to rely on gov't handouts, and those handouts can be used for those who really needs them (ie, mainly the independent students who may not have parents to pay their bills). from what I've heard, people took advantage of finaid in the past so the guidelines were tightened up
Student loans aren't handouts. Most people don't qualify for educational grants. Loans are paid back; are not handouts. But what the OP is saying and what is the truth is, that it doesn't matter if your parents can help you with college or not; if you are under 24 you can only get the amount of money they will allow for a dependent student. If your parents can't pay the difference then too bad; you still can't get more.
I haven't heard that people "took advantage" of financial aid in the past. It's a loan that is repaid and there are limits per year. There is no way to "take advantage" of it. I think it's tightening up because there is a credit crunch, same reason other credit is tightening up. But Bush did pass a bill allowing an extra $2000 for education loans per student for 2008-2009.
Dependent students are exactly that - dependent. The parents claim them that way on their taxes and they live with them (when they're not in college) AND hopefully, they also pay for the bulk of their education. Why would an 18 year old that lives with their parents be considered independent?
Dependent students are exactly that - dependent. The parents claim them that way on their taxes and they live with them (when they're not in college) AND hopefully, they also pay for the bulk of their education. Why would an 18 year old that lives with their parents be considered independent?
Why would would a 21 year old that DOESN'T live with their parents be considered a DEPENDENT?????????? It doesn't make any sense
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