Declaring financial independence from parents

Hi everyone! I'm thinking about claiming financial independence from my parents for college purposes. What are the implications of this decision, and what should I consider before making this choice?

Hello! That's an important, and big, decision you are making. It's crucial to understand the implications and carefully consider whether it's the right choice for you. Here are some key factors to keep in mind:

1. In order to qualify as an independent student for financial aid purposes, you must meet specific criteria established by the U.S. Department of Education. You can find these online.

2. As an independent student, you're no longer required to provide your parents' financial information on the Free Application for Federal Student Aid (FAFSA). This can result in increased eligibility for financial aid based on your income and assets alone.

3. On the other hand, declaring financial independence may also mean losing support from your parents in other areas, such as health insurance, car insurance, housing, and more. Make sure you're prepared to cover these expenses and consider discussing this decision with your parents.

In conclusion, carefully weigh your options and eligibility before moving forward with declaring financial independence. If you’re unsure about your situation, it's a good idea to consult with a financial aid office or a college counselor to help determine the best course of action for your specific circumstances. Good luck!