Tuesday, May 11, 2010

Why is parent income an important factor in receiving financial aid?

I haven't received financial aid in many years, so I'm not sure if it has changed. But why does a certain level of parent income disqualify people from receiving financial aid? Even if the child is not living with their parents?

Just because your parents make a lot of money, it doesn't mean that they will assist you with tuition or other school costs. Why is it always implied that they will?Why is parent income an important factor in receiving financial aid?
Its not necessarily implied that your parents will support you. However, the university must make a choice as to who would be better served by the financial aid. And while a rich child's parents may not help them, and poor child's parents can NEVER help them financially. So overall, the child that comes from the poor family, is likely more in need of financial aid, than the child who comes from a wealthy family. Schools also figure, that children that come from wealthy families can ask their parents for loans, or have their parents take out loans on behalf of them,Why is parent income an important factor in receiving financial aid?
Simple, Take this scenario: I am the child of a rich family. My parents could easily afford to send me to college. I move out when I am 18, and put on my FASFA application that I moved out and my parents are not supporting me anymore, and will not put me through school. The government gives me a full ride.

If the government took everyone's word for it that mommy and daddy will not help them, they would have to hand out a free education to everyone. There is no way to check up if people are honest, without violating personal rights. When you are 24, or get married, or have a baby, it can be assumed that mom and dad are not helping you anymore. People like you and me fall between the cracks, it cannot be helped.
If you are still a minor, and listed on the tax return forms as a dependent, it is figured that their income is your source of funding. If you are an emancipated minor, NOT listed as a dependent for tax purposes, then your parent's income is an irrelevancy. It sounds like you need to talk to the financial aid office at the school in question to clarify things.
I found this site on parenting and you can get all your answers here....

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