Household income is about $85,000 and she did not qualify for financial aid through the FAFSA. His parents do not support him other than providing medical insurance. He gets to declare two of you kids as dependents without any issue , but if the child support amount is enough that it can come down to him being able to show that he pays for more than half of your siblings' costs, he could declare all of them as dependents even though they are not so counted on the IRS 1040. In the Free Application for Federal Student Aid (FAFSA)’s Statement of Educational Purpose, it is clearly stated that a college student may use their loans ” only to pay the cost of … Your financial aid eligibility may be reduced if you decide to live at home with parents … You’re limited to borrowing the school’s… As a rule of thumb, parents who live under the same roof should file together. My grandson lives with his grandfather and me. If student is living at home, and parents are not paying for his rent and living expenses outside, he's not actually receiving money from them for this purpose, nor are parents paying on his behalf. Will my daughter's chances for receiving financial aid be higher if we don't claim her on our taxes? Just remember, living off-campus can get expensive, as this New York Times article explains. The FAFSA also includes an option for students who are living with their parents. In a few extreme cases, you might not have to provide your parents income on the FAFSA, even if you are considered dependent based on the above conditions. and Update About Allowances and FAFSA. I am more than willing to provide our information if that is acceptable. It’s assumed that you won’t need to pay rent and will pay little to nothing for food. The cost of attendance for a student who is living at home is the least because students are not paying for any housing and food is reduced. Answers to these questions can be found at I Have FAFSA Answers! The only exception is if someone in the household legally adopts the student. As a rule of thumb, parents who live under the same roof should file together. In general, your housing plans (living on or off campus) will not affect the amount of financial aid you receive. How to Fill Out the FAFSA When Parent Information is Unavailable FAFSA: Do I File As Dependent Or Independent? So he fills out FAFSA. Find out how to complete the FAFSA even if you don't live with your parents. Does student list here the amount of money she received from family for tuition? She recently moved out of our home but we are paying her college tuition. FAFSA doesn't consider the home you live in, your retirement plans or insurance as investments. Household income is about $85,000 and she did not qualify for financial aid through the FAFSA. Start Here. She is in a community college and is 20 years old. Occasionally a dependent student will claim to pay rent to his or her parents, in an attempt to qualify for additional aid or a higher student budget. Edvisors answers a student's question about special living arrangements. By: Kristen May. – 2019–2020 School Year Menu Close mobile navigation menu. Students who are living off campus will have a reduced cost of attendance. Edvisors answers a student's question about special living arrangements. However, any cash support they provide to the student must be reported as untaxed income to the student on the student’s FAFSA. Find out how to complete the FAFSA even if you don't live with your parents. Off-Campus Housing and Financial Aid. If you’re looking for more ways to fund your education and save money, check out my article on 39 ways to cut the cost of college.. He will claim himself on his 2012 income tax and his parents financials are not available to us. Money for her tuition was wired into her account, and she paid it herself. Housing greatly affects the amount of assistance you receive through your FAFSA. Fafsa Uni Housing Plans: Living off-campus or with a parent? Similarly, if your student is living with foster parents or legal guardians, they still do not qualify as parents in the case of the FAFSA, so their information shouldn’t be listed. For legally married parents living apart, file as “separated or divorced.” For legally separated parents, it all depends on who lives with the child. If you’re looking for more ways to fund your education and save money, check out my article on 39 ways to cut the cost of college.. If you indicate that you plan to live with your parents during the academic year, room and board will not be factored into your COA on the FAFSA. Rent Vs. Buy Calculator ; ... Paying down the mortgage on their primary home. She has not received any scholarships. Receiving federal aid to attend school is a great way to avoid student loan debt. For legally married parents living apart, file as “separated or divorced.” For legally separated parents, it all depends on who lives with the child. If two legally separated parents … She recently moved out of our home but we are paying her college tuition. Will my daughter's chances for receiving financial aid be higher if we don't claim her on our taxes?