When most students apply for college financial aid, they must list the income and assets of the student and the student’s parents. However, a student who is considered "independent" must provide only the financial data for the student (and a spouse, if the student is married). Therefore, an independent student often will get more financial aid.
How does a student qualify as an independent individual, for financial aid purposes? Typically, by meeting at least one of the following criteria:
* The student will be age 24 by the end of year in which the school year starts.
* The student has served in the U.S. Armed Forces.
* The student is enrolled in a program leading to a graduate or professional degree.
* This student is married, or has a child who is a legal dependent.
If an independent student’s income for the latest calendar year was less than $50,000 and that student was eligible to file Form 1040A or 1040-EZ for federal income taxes, his or her assets are not counted for determining financial aid. Then, ample aid may be awarded.
Thus, a student who meets any of the above criteria should fill out a FAFSA, the federal financial aid application.
