Independent student's income and financial aid

[agalkin]

When a student can be considered independent? Is it when he or her income covers more than 50% of his or her living expenses? Does it mean if my son earns say $40K a year which is way more than 50% of his income he can be considered independent and only use his income and assets for financial aid purpose and non ours, parents income or assets?

[dcandmc]

A student being independent for FAFSA financial aid purposes has nothing to do with how much the student earns in relation to the student's living expenses.

For the 2023-2024 FAFSA, a yes answer to any of these questions will make the student independent for FAFSA financial aid purposes:

1. Were you born before January 1, 2000?

2. As of today, are you married? (Also answer “Yes” if you are separated but not divorced.)

3. At the beginning of the 2023-2024 school year, will you be working on a master’s or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, graduate certificate, etc.)?

4. Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?

5. Are you a veteran of the U.S. Armed Forces?

6. Do you now have or will you have children who will receive more than half of their support from you between July 1, 2023 and June 30, 2024?

7. Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2024?

8. At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court?

9. As determined by a court in your state of legal residence, are you or were you an emancipated minor?

10. Does someone other than your parent or stepparent have legal guardianship of you, as determined by a court in your state of legal residence?

11. At any time on or after July 1, 2022, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

12. At any time on or after July 1, 2022, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

13. At any time on or after July 1, 2022, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

[agalkin]

So it is basically about the age of the student? So if a student was born on December 31, 1999 and has no income and is living with his or her parents is considered independent and a student who was born on January 1, 2000 who earns 6 figure salary and is living independently is not independent?

[dcandmc]

No, it's not "basically about the age of the student." Age is a factor, but only one of 13 possible avenues to attain independent status for FAFSA financial aid purposes. The 13 questions are easy to answer. Don't make it harder than it needs to be.

[agalkin]

Age seems to be most important factor for general most common case for undergraduate degree.