How does parents income factor into need-based aid?

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furrrman
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How does parents income factor into need-based aid?

Postby furrrman » Mon Jan 20, 2014 3:42 am

I am not a dependent and live on my own, and I currently receive need aid at my UG. Do law schools handle this any differently than UG institutions? Will I have to report my parents income even though I am not a dependent?

ltrego
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Re: How does parents income factor into need-based aid?

Postby ltrego » Mon Jan 20, 2014 5:05 am

furrrman wrote:I am not a dependent and live on my own, and I currently receive need aid at my UG. Do law schools handle this any differently than UG institutions? Will I have to report my parents income even though I am not a dependent?


Depends on the school. If they use FAFSA, you probably won't have to report parents' income. If they use NeedAccess, you probably will.

daryldixon
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Re: How does parents income factor into need-based aid?

Postby daryldixon » Mon Jan 20, 2014 5:56 am

furrrman wrote:I am not a dependent and live on my own, and I currently receive need aid at my UG. Do law schools handle this any differently than UG institutions? Will I have to report my parents income even though I am not a dependent?

Yeah the parents income is required for 90% of schools. If they use "need access" it is always required. If they only use fafsa they will usually have some policy like you need your parents information unless you are over 30. It sucks but schools are really strict about this.

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Nonconsecutive
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Re: How does parents income factor into need-based aid?

Postby Nonconsecutive » Mon Jan 20, 2014 2:48 pm

furrrman wrote:I am not a dependent and live on my own, and I currently receive need aid at my UG. Do law schools handle this any differently than UG institutions? Will I have to report my parents income even though I am not a dependent?


Depending on your age, yes.

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furrrman
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Re: How does parents income factor into need-based aid?

Postby furrrman » Tue Jan 21, 2014 8:08 pm

Ok thanks, I am under 30 which means I will probably have to report my parents income. They make enough that this will likely disqualify me from receiving any FA, but are there any caveats about this, like if you alone make peanuts but your parents are well off you might still be eligible for something?

ltrego
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Re: How does parents income factor into need-based aid?

Postby ltrego » Tue Jan 21, 2014 8:11 pm

furrrman wrote:Ok thanks, I am under 30 which means I will probably have to report my parents income. They make enough that this will likely disqualify me from receiving any FA, but are there any caveats about this, like if you alone make peanuts but your parents are well off you might still be eligible for something?


Most schools don't give much need-based aid anyway.

Stinson
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Re: How does parents income factor into need-based aid?

Postby Stinson » Tue Jan 21, 2014 10:25 pm

Are you going to HYS? Outside of those three your parents' income won't be a factor anyway because all the money is merit aid.

BigZuck
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Re: How does parents income factor into need-based aid?

Postby BigZuck » Tue Jan 21, 2014 10:49 pm

I'm in my late 20s and have been self sufficient for years and schools still made me put my parents' income.

Since your parents are rich maybe you can work out a deal where you borrow money from them interest free?

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furrrman
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Re: How does parents income factor into need-based aid?

Postby furrrman » Tue Jan 21, 2014 11:35 pm

Stinson wrote:Are you going to HYS? Outside of those three your parents' income won't be a factor anyway because all the money is merit aid.

Barring an act of God, no.

BigZuck wrote:I'm in my late 20s and have been self sufficient for years and schools still made me put my parents' income.

Since your parents are rich maybe you can work out a deal where you borrow money from them interest free?


Rich is a bit of an overstatement, but yeah that might be possible. Thanks, hadn't thought of that.

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furrrman
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Re: How does parents income factor into need-based aid?

Postby furrrman » Tue Jan 21, 2014 11:51 pm

On a related note, does anyone know of a good online debt calculator that accounts for interest? (Preferably something where you can adjust values for putting in a certain amount up front)

BigZuck
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Re: How does parents income factor into need-based aid?

Postby BigZuck » Wed Jan 22, 2014 12:37 am

furrrman wrote:On a related note, does anyone know of a good online debt calculator that accounts for interest? (Preferably something where you can adjust values for putting in a certain amount up front)


http://www.law.georgetown.edu/admission ... geid=61621

http://www.bu.edu/law/prospective/finan ... alculator/

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furrrman
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Re: How does parents income factor into need-based aid?

Postby furrrman » Wed Jan 22, 2014 12:45 am

BigZuck wrote:
furrrman wrote:On a related note, does anyone know of a good online debt calculator that accounts for interest? (Preferably something where you can adjust values for putting in a certain amount up front)


http://www.law.georgetown.edu/admission ... geid=61621

http://www.bu.edu/law/prospective/finan ... alculator/


Thats awesome, thanks. Scary too... ;(




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