Tuesday, October 26, 2010

Where do you stand? The FAFSA and Your Student Status

Many students find themselves confused about their student status as determined by the Free Application for Federal Student Aid, or FAFSA. Student status is used to calculate available loan, grant, scholarship, and work study programs. Because the FAFSA generally awards these programs to students with financial need, the establishment of student status is crucial in making financial need determinations. However, many students fill out their FAFSA using the wrong student status, resulting in delays in loan approvals, and the possible loss of a class if it fills up before all FAFSA issues have been resolved. Therefore, understanding your status is essential to effective use of the FAFSA.

You don’t really need to figure out if you’re one or the other- you only need to figure out if you are NOT independent. Independent students are those that:
*Are married at the time of FAFSA
*Are 24 years old or older as of December 31 of the FAFSA award year
*Are enrolling in a Master’s or Doctoral program
*Were an orphan or ward of the state
*Parents were deceased after age 13
*Were legally emancipated (special conditions apply)
*Were determined to be a homeless youth by a state-approved youth services facility
*Have dependents that get more than ½ their support from student
*Have dependents that live with student and receive their support from student, including dependent adults
*US Armed Forces Veterans
*Military members on active duty (for other than training purposes)
If you do not fit into one of these categories, chances are that your student status is dependent according to the FAFSA. Some exceptions may apply. Students that do not communicate with their parents or those that come from abusive homes may be able to get a dependency override. Regardless of the situation, all students who do not clearly fit into one of the described statuses above should speak to financial aid counselors at their school in order to determine the correct status to use.

No comments: