FASFA/Taxes confusion

[bdental2013]

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Hey everyone, I'm finishing up my taxes this week so that I can update them for FASFA. Does anyone know if there's benefits to submitting as an independent versus a dependent in terms of obtaining loans through FASFA?

Thanks!

 

[flatcamelbak]

From Fafsa.gov:

What are the advantages to me of being FAFSA independent?
The FAFSA form basically allows you to apply for financial aid at different universities or colleges. When you are FAFSA dependent, your family earnings and property are factored into your financial aid award. This means that your parents may end up devoting a significant portion of their salary towards covering your dues.

Alternatively, FAFSA independent status means your family assets are not factored into the award of financial aid. Representing a smaller total amount of assets simply means that you may eligible for additional financial aid. This reduces the burden on both you and your family.

Attaining FAFSA independent status while representing yourself is thus an important way of making yourself eligible for the maximum possible amount of financial aid. Savings today will translate into a more stable and rewarding college experience tomorrow. The money saved can allow you to devote more time and resources to your studies and enjoy your college days. Being FAFSA independent is thus a goal eligible college students should aspire for.

 

[Blue87Fiero]

I was told that I should include my parents information because I may qualify for some health grant. I could file independently but I included my parents I for... We will see what happens. My father does not make a lot of money so that is probably a big factor. I would talk to or email the person in charge of financial aid for the dental school you are attending and see what they suggest.

 

[NDPitch]

I filed as independent because I knew it was pointless to file with my parent's information - I wouldn't have qualified for anything because of their assets. Does anyone know if the 6.8 percent direct loan can always be maxed out as a dental student? I think that's around 40k a year. Or can the government give a non-trad applicant less because they had a job for a few years, and think you can afford more on your own?