I’m thinking about becoming “independent” from my parents to get in state tuition for a graduate school (my parents live in a different state, so this is the only way to do it). I’m 21. What are the benefits to still being listed as a dependent? How much would I have to be saving from the tuition price for it to be worth it to change my status?

« Back to Previous Page
0
0
Marked as spam
Posted by Hannah Gold (MONEY FORUMS: 6, Answers: 5)
Asked on February 25, 2016 1:43 am
72 views
0
Private answer

My understanding is that the determination from age 18-26 of dependence is financial support. If your parents provide >50% of your financial support in a calendar year, they get to claim you as a dependent. In terms of financial aid/loans for graduate school, your are considered to be independent (your parents’ financial situation does not come into play in any need-based award). So, to answer your question, can you swing graduate school paying more than 50% of your own way? I don’t think your status as a dependent influences your residency. Perhaps that varies by state. You usually qualify for in-state tuition after one year of residency.

Marked as spam
Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: February 25, 2016 2:41 pm
0
Private answer

My parents had a tax credit for every child, and I also got under their dental and medical plan. Since they didn’t earn much the year I went to college, it was worth staying as a dependent, since scholarships were based on their income. If yours have a tax credit, you would need to be saving at least that in tuition.

Marked as spam
Posted by Pauline Paquin (MONEY FORUMS: 0, Answers: 7)
Answered: February 25, 2016 8:55 am
« Back to Previous Page