Financial Aid as an Independent?

[josh6718]

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I'm about to start my first professional year (I'm 21 years old) and pay for all my college/tuition and have my own apartment yet am still classified as a dependent under my parents.

The only benefit I get from being a dependent is the health insurance, but after I received only a $5000 loan from FASFA for the upcoming fall was wondering if it would be worth it financially to file as an independent for the next year?

 

[gabapentin]

YOu should be considered independent since you're pursuing a professional degree. I think there is a questionnaire on FAFSA to determine your status. I'm considered independent and still covered under health insurance til 23.

http://www.fafsa.ed.gov/FOTWWebApp/fotw0809/WorksheetServlet?wstype=WSDEP&locale=en_US

 

[fenixtnlfan]

YOu should be considered independent since you're pursuing a professional degree. I think there is a questionnaire on FAFSA to determine your status. I'm considered independent and still covered under health insurance til 23.

http://www.fafsa.ed.gov/FOTWWebApp/fotw0809/WorksheetServlet?wstype=WSDEP&locale=en_US

Same with me though I get insurance until 25. Sometimes talking with the school will help you get more financial aid. Also I think you can re-file your FAFSA so that you can be classified as an independent in case you didn't.

I'm also moving this to the pre-pharm forum. I think you'll get more help over there.

 

[tootoo30]

Your considered independent if your school classifies P1 and P2 years as graduate. If they still consider those years as undergrad then yeah your screwed because your still considered dependent. Xavier classifies P1 and P2 years as undergrad which is good if your receiving a pell grant it helps, but for those with degrees, we are screwed. Thankfully the VA is going to cover my tuition or else I would probably need private loans.

HTH

 

[josh6718]

So for those of you that filed as independents, how much additional aid did you receive, and was it just loans or was it more grants?

 

[pharmer girl]

My 2008-2009 financial aid award is $20,500 in stafford loans as an independent. $8500 subsidized, $12,000 unsubsidized

 

[IrishRxMan]

I don't think it has anything to do with your status as a P1 or even a P4. It has to do with how your parents file their taxes. They get a deduction for listing you as a dependent. There was a new law that passed a few years ago that allows your parents to still claim you past 21 if you are living in their house and going to school still (I believe all the way to 28 or 30). You should to talk this over with your parents to see if you can get them to not list you as a dependent next year for the sake of your financial aid.

As for financial aid, once you get into professional school or anything above undergrad, all grants from Uncle Sam dry up. You can only get stafford and grad plus loans from the government. I would avoid private loans as much as possible.

 

[Aggie07]

I don't think it has anything to do with your status as a P1 or even a P4. It has to do with how your parents file their taxes. They get a deduction for listing you as a dependent. There was a new law that passed a few years ago that allows your parents to still claim you past 21 if you are living in their house and going to school still (I believe all the way to 28 or 30). You should to talk this over with your parents to see if you can get them to not list you as a dependent next year for the sake of your financial aid.

As for financial aid, once you get into professional school or anything above undergrad, all grants from Uncle Sam dry up. You can only get stafford and grad plus loans from the government. I would avoid private loans as much as possible.

Nope, the above people are correct. The only thing that matters is when your school classifies you as a graduate student. That is what gives you independent status. It has nothing to do with your parents claiming you or not. My parents claimed me as a dependent last year and the FAFSA still considered me independent because I'm in graduate school. The only issue would be if the school doesn't give graduate status until later, such as the P3 year.

Also, there are several grants available for pharmacy students, and I know a good number of my classmates who got them, as did I.

 

[tootoo30]

Thanks for clearing the confusion up, I am pretty sure your status depends on the school and that you can get grants even as an graduate student. The OP needs to check with his/her school to see how they classify P1's before completing the FASFA form.