FAFSA Form & Financial Aid Form Blog

So… you are 23, independent, living on your own, and you decide that it’s time you got a college degree. Pretty cool idea! BUT….you need to know an important detail (one that I think is seriously outdated…). The Federal Government does not look at you as an independent being. Even if you support yourself and live on your own, until you are 24 or older, the government bases your eligibility for grants and student loans on your parents’ income! I know it seems bizarre, but that is how it is. There are some exceptions: you’re a U.S. armed forces member, you are married, you have a child, or you are legally emancipated from your parents. Whoa, crazy right? Don’t get down though. You need your parents’ information to fill out the FAFSA, but you do not need them to cosign on Federal Loans. Your parents’ will have no liability for your loans. And unless they make A LOT of money, chances are you will be eligible for a student loan.