PLUS loans have a higher interest rate than unsubsidized loans issued to students. While parent PLUS loans charge higher interest rates than other federal student loans, they do allow families to borrow more money from the federal government than they otherwise would.
There are quite a few exemptions for the citizenship requirement, including for permanent resident green card holders. Whether you are considered an independent or dependent student can affect the amount of financial aid you receive. An independent student financial need evaluation is generally based on their own ability to pay for college.
Specific guidelines for being declared an independent student include being married, having a child, or completing military service. Not providing parent information could reduce your chances of qualifying for federal financial aid beyond unsubsidized loans.
Schools decide how they evaluate dependent student financial information for those not providing parent financial aid information for school-based awards. Reyna Gobel, M. Her CliffsNotes books on repaying student loans and paying for college were picked as book of the month by Michelle Singletary in The Washington Post three times.
She co-created the 30 Day Immune System Challenge at 30ichallenge. Select Region. United States. United Kingdom. Reyna Gobel, Mike Cetera. Contributor, Editor. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
Compare Rates Now. Was this article helpful? Share your feedback. Send feedback to the editorial team. Department of Housing and Urban Development. After July 1, , the director of a runaway or homeless youth basic center or transitional living program determined that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless.
The unusual situation must be documented to the satisfaction of the financial aid administrator. Independent students Report only their own income and assets and those of a spouse if married. Not living with parents or not being claimed by them on the tax form does not determine dependency status. New York State Financial Independence Age: Under 22 as of June 30, The student must meet the basic criterion for independent status plus one of the following special conditions:.
This form is sent automatically. Students are not automatically considered to be independent for the purposes of the TAP program until they are 35 years old. In the meantime, they must meet all of the following conditions to be considered independent. Skip to Content Skip to Navigation. Dependent or Independent Student.
Age 24 You were born before January 1, for the academic year. The Department of Education has specific criteria to determine dependency for the purpose of student aid. A dependent student is a student who doesn't meet any of the requirements for an independent student. In the vast majority of cases, an undergrad student who lives with their parents is going to be considered a dependent.
A student is considered independent if they meet any of the following criteria. They are:. Note: Your school may ask for documentation of your independent status, such as a marriage certificate or proof of emancipation, so be prepared to provide it. If they don't apply and you have tricky situations, such as not living with your parents, are not in contact with you, or they're simply unwilling to provide their information.
If your custodial parent has remarried, you will also need to include your custodial parent's spouse's income information as well. If a single, divorced parent receives child support, it must be declared along with their income. If your parents cannot contribute to your education due to death, disability, incarceration, abandonment, abuse or another reason, you may be eligible to change your status by completing a Dependency Review Form.
Simply having a less-than-ideal parental relationship isn't going to change your status. Be sure to check our question-by-question FAFSA guide to help ensure that you qualify for the maximum amount of financial aid that you're entitled to. Carol Katarsky is a contributing writer for Nitro. She is an award-winning journalist with extensive experience writing about both finance and education. She lives in Philadelphia with her husband, son, and one cat more than she should.
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