Incorporating a business - going to affect financial aid?

[scrubswannabe]

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I'm about to incorporate a company I've started but I'm afraid that this will greatly affect possible financial aid I may receive.

I can expect to make 20-40k next year from the business, not sure if that is how much we'll make but it may happen.

This will most likely affect the EFC I receive right and then I probably can't get as much in subsidized stafford loans and unsubsidized loans?

I'm thinking should this affect whether or not I incorporate, or should I incorporate it in my business partner's name?

Thank you for your help.

 

[UserNameNeeded]

It shouldn't affect the amount of your unsubsidized federal loans. Only subsidized loans are affected by the EFC on the FAFSA.

 

[sumstorm]

It shouldn't affect the amount of your unsubsidized federal loans. Only subsidized loans are affected by the EFC on the FAFSA.

If you are an independent and do not have an HPSL, it will only afect your unsubsidied federal loans. If you are a dependent (undergrad, <24, no other circumstances, changes in your EFC wll affect loans.)

Get legal advice before incorporatng under partner's name (or in general.)