FAFSA, or the Free Application for Federal Student Aid, is an important tool for students who are looking to finance their college education. It helps students to determine their eligibility for grants, loans, and other forms of financial aid. But at what age does FAFSA go off your own income?
The answer to this question depends on whether you are considered an independent or dependent student. If you are considered a dependent student, then your parents’ income and assets will be taken into account when determining your eligibility for financial aid. However, if you are considered an independent student, then only your own income and assets will be taken into account.
To qualify as an independent student on the FAFSA, you must be at least 24 years of age. Additionally, you must be married, on active duty in the U.S. Armed Forces, financially supporting dependent children, an orphan (both parents deceased), a ward of the court, or an emancipated minor. If you meet any of these criteria, then you can be considered an independent student on the FAFSA.
Once you are considered an independent student, your own income and assets will be taken into account when determining your eligibility for financial aid. This means that you will no longer have to rely on your parents’ income and assets to determine your eligibility.
In addition to being at least 24 years of age, there are other requirements that must be met in order to qualify as an independent student on the FAFSA. For example, you must be a U.S. citizen or eligible non-citizen, have a valid Social Security number, and be enrolled in an eligible degree or certificate program.
Overall, you can only qualify as an independent student on the FAFSA if you are at least 24 years of age, married, on active duty in the U.S. Armed Forces, financially supporting dependent children, an orphan (both parents deceased), a ward of the court, or an emancipated minor. Once you meet these criteria, your own income and assets will be taken into account when determining your eligibility for financial aid.
