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if you have a child living at home and is working full time 32 hrs. at minimum wage and you are paying for him to go to college, is there a cut off amount for him to be able to get financial aid? He is 26 years old, moved back home last year. I only make $300.00 per week. Now, my younger son moved back home also just last week and I have to put him thru school now too. I'm getting very stressed. My ex husband was supposed to help them both but hasn't done a thing. He makes good money working for the FBI in Manhattan. Now I have the added stress of more expenses. ie: groceries, electric etc. I want my kids to go to college, but at the same time, I can't go broke.
Submitted: 8 years ago.Category: General
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Answered in 10 minutes by:
6/28/2010
Expert: rayanswers,
 replied 8 years ago
rayanswers
Category: General
Satisfied Customers: 48,844
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Thanks for your question.All college students to receive financial aid complete a FAFSA form.It gives them financial information and they get a FAFSA score.They can then use this to get financial aid wherever they go to school.Here is the form I reference he would need to complete.
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Expert: rayanswers,
 replied 8 years ago

He starts with this form and then your financial aid office will work with him

 

 

http://www.fafsa.ed.gov/

 

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Expert: M.Arch, Researcher, Artist, Architect replied 8 years ago
M.Arch
M.Arch, Researcher, Artist, Architect
Category: General
Satisfied Customers: 744
Experience: Licensed Architect, Artist, Collector, Former Design College Faculty, Ivy League Masters.
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Hello,
Your question was moved to another category, so I hope you don't mind my addressing this a bit more. Your situation is more complicated than simply filing the FAFSA:

If your son is 26 then for federal financial aid purposes he will be considered an Independent Student and his financial aid will be calculated based solely on his income as long as it is apparent that he earns enough to support himself. In this case your income and resources will not be considered at all, so there's no "cut off" to the amount you can make. But, the assumption with an independent student is that there is no significant parental support.
In many cases being considered as an independent student will result in the student being eligible for considerably more financial aid than if the student's parents' finances are also taken into consideration.

The current age at which one can be considered an Independent Student for federal financial aid purposes is 24. If your younger son is younger than 24 then for federal financial aid purposes his parents' income must be considered (unless he is a veteran or a ward of the state AND can show that he has been supporting himself for some time).

State-based financial aid policies vary from state to state. Usually the policies are similar to the federal regulations, in that anyone over 24 with their own income is automatically considered to be an Independent Student, though in some states (such as New York) an independent student actually is not eligible for as much in grants as a dependant may be - particularly if the family has multiple children in college simultaneously.

But institutional financial aid is calculated differently than federal and state financial aid. Colleges and universities are allowed to require documentation of parents' income and savings even if the student is determined to be Independent for federal financial aid purposes. Sometimes in this situation the school's financial aid office will require that the student submit two FAFSA forms - one for federal purposes which does not include parents' information, and one directly to the school for institutional aid which does include parent's information.
The result of this could be that your older son would qualify for federal grants, loans, and workstudy but not for institutional grants, scholarships or loans, if your income and resources put him over the school's limit.

Colleges and universities set their own limits and policies for granting institutional financial aid, so there is no specific number that we can provide as to how much income you and/or your son could have and still be eligible for financial aid. In some universities students can be eligible for some financial aid even if their parents' income is several hundred thousand dollars per year, while at other schools the threshold is considerably lower - a lot depends on the school's endowment and on current tuition rates.

So, all of these different sources of financial aid need to be taken into consideration as a package, and your son really needs to work with a financial aid officer at his school to try to work out a package that will relieve as much of the burden from you as possible. He should stress his independent, self-supporting status.
Of course in applying for institutional aid it is not going to help his case that he's living with you. At the very least you should be documenting that you are charging him room and board. In an ideal scenario it would help his case if he had another address that is not yours.

One other thing you should be aware of though is that if your older son is determined to be an Independent Student, then your younger son's financial aid may be calculated differently because you will not be considered to be supporting two children.
I would urge you and your sons to speak directly with financial aid counselors at both of your sons' schools to ensure that you all understand all of the options available to you. In the case of your older son, it will be better if he can handle these issues himself with the financial aid office, because your involvement will undermine the idea that your son should be considered an Independent Student for institutional aid purposes.

I hope this information is helpful, and if so that you will please click the green "ACCEPT" icon as this is the only way that I can be paid for my time, research, and answer through JustAnswer.
Thank you.

Edited by M.Arch on 6/28/2010 at 6:49 PM EST
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Expert: M.Arch, Researcher, Artist, Architect replied 8 years ago
I forgot to ask about which school(s) your sons attend?
If they both will be attending the same school this also may come into play in their financial aid options.
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