How does parents income factor into need-based aid? Forum
- furrrman
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How does parents income factor into need-based aid?
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?
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Re: How does parents income factor into need-based aid?
Depends on the school. If they use FAFSA, you probably won't have to report parents' income. If they use NeedAccess, you probably will.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?
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Re: How does parents income factor into need-based aid?
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.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?
- Nonconsecutive
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Re: How does parents income factor into need-based aid?
Depending on your age, yes.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?
- furrrman
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Re: How does parents income factor into need-based aid?
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?
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- Posts: 221
- Joined: Sun Oct 13, 2013 2:41 am
Re: How does parents income factor into need-based aid?
Most schools don't give much need-based aid anyway.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?
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Re: How does parents income factor into need-based aid?
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.
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Re: How does parents income factor into need-based aid?
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?
Since your parents are rich maybe you can work out a deal where you borrow money from them interest free?
- furrrman
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Re: How does parents income factor into need-based aid?
Barring an act of God, no.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.
Rich is a bit of an overstatement, but yeah that might be possible. Thanks, hadn't thought of that.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?
- furrrman
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Re: How does parents income factor into need-based aid?
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)
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Re: How does parents income factor into need-based aid?
http://www.law.georgetown.edu/admission ... geid=61621furrrman 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.bu.edu/law/prospective/finan ... alculator/
- furrrman
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Re: How does parents income factor into need-based aid?
Thats awesome, thanks. Scary too... ;(BigZuck wrote:http://www.law.georgetown.edu/admission ... geid=61621furrrman 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.bu.edu/law/prospective/finan ... alculator/
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