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My son is a senior in college and graduating in May. He's in the process of grad school apps. Some of the colleges have recently sent letters offering fellowships/assistantships/stipends/whatever and have said that if he fills out FAFSA, he could get more grant money from the schools.
We've never done a FAFSA for our kids for undergrad, so not sure how a senior in college does this. Right now, he's still an undergrad, but in the Fall, when he goes to grad school, obviously he will have already graduated.
So, if he submits a FAFSA now, would he be considered Independent or not? On one hand, I think he might be independent...but on the other, I think he might not be since he hasn't graduated yet. I don't know if the same rules apply like they do for an undergrad who's getting married in the Spring...if such a person files NOW, he/she is still dependent...if they file after the wedding, they get to say they're married/independent.
Obviously, if he gets to file as an independent, his income will be low. If he has to file as a dependent using our income/assets, then...poof...no institution grants. LOL