Financial independence question

[haagendazs]

Hi

So at the school I'm trying to deposit at, they ask whether I'm a dependent and whether I'm financially independent. Are these two questions asking the same thing?

I was provided a document that states that I can qualify as financially independent if I am going to be a graduate student AND if I am not claimed as an income tax exemption by a parent. I believe I am claimed as an income tax exemption by my parents. However, on the FAFSA, you can qualify as financially independent simply for becoming a graduate student. Wouldn't this produce contradicting qualifications? I would be financially dependent according to the school, and financially independent according to FAFSA, it seems...

Also, does being financially dependent vs independent significantly affect financial aid or loan availability?

Thanks everyone.

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[Kelong]

Hi

So at the school I'm trying to deposit at, they ask whether I'm a dependent and whether I'm financially independent. Are these two questions asking the same thing?

I was provided a document that states that I can qualify as financially independent if I am going to be a graduate student AND if I am not claimed as an income tax exemption by a parent. I believe I am claimed as an income tax exemption by my parents. However, on the FAFSA, you can qualify as financially independent simply for becoming a graduate student. Wouldn't this produce contradicting qualifications? I would be financially dependent according to the school, and financially independent according to FAFSA, it seems...

Also, does being financially dependent vs independent significantly affect financial aid or loan availability?

Thanks everyone.

You'll probably be given some stipends as a graduate student, making you financially independent whether or not you have been claimed as an income tax exemption by a parent.

 

[haagendazs]

Thanks for answering my post, Kelong.

Dental students are given a stipend? I didn't know that...

Can someone answer my other questions please? Thanks.

 

[redchesus]

haagendazs, dental students don't get a stipend... (unless you mean the stipend from your loans )

I'm actually also curious about this topic of financial aid and independence as well.

I know you're legally independent at age 24 regardless of if you're a full-time student or not. This will be the case for me when I go to DS. I wonder if they'll still ask me for my parents' income in determining the financial aid. That wouldn't make sense to me, because my parents don't support me financially.

Anyone have some insight?

 

[yuppers]

Since we will be independent, we do not have to enter our parents info.
And as far as I know, being independent does not hurt our chances to get a financial aid.

 

[haagendazs]

I was more wondering whether being financially dependent hurts our chances...