Independent vs. Dependent Student Status
There are several areas of confusion around the college financial aid application process, but one recurring topic that drives questions is a student’s dependency status. Students and families want to know if the student can be considered independent for financial aid purposes. It’s a process that can be very individual to the applicant, but let’s look at some general info on financial aid dependency status to help you better understand the process.
Financial Aid Dependency Status
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What is an Independent Student?
An independent student for financial aid purposes is someone who is not considered to be financially dependent on their parents or guardians. In other words, they are not required to provide information about their parents' income and assets when applying for financial aid.
What is a Dependent Student?
A dependent student for financial aid purposes is someone who is considered to be financially dependent on their parents or guardians. This means that when applying for financial aid, they are required to provide information about their parents' income and assets.
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What Determines Independent Status?
To be considered an independent student, you must meet certain criteria, such as being at least 24 years old, being married, having legal dependents, being a veteran or serving on active duty in the military, or being an orphan or ward of the court.
Financial Aid Application Requirements for Independent Students
When you are considered an independent student, your parent’s financial information will not be required to complete the financial aid applications. You will need to provide information on your earnings and assets, as well as those of your spouse or any of your dependents.
Financial Aid Application Requirements for Dependent Students
When you apply for financial aid as a dependent student, your parents' income and assets are taken into consideration along with your own. This information is used to calculate your Expected Family Contribution (EFC), which is the amount of money that your family is expected to contribute toward your education expenses.
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There is a lot to be gained from our free general financial aid advice, but it’s also a very individual process. If you have remaining financial aid questions, email us to discuss more or book an individual session.