<p>This fall Im going to be a freshman in college. My parents have stated that after next year they are no longer willing to support me financially but my grandparents agreed to take me in. If so, may I declare my grandparents’ income next year when I reapply for the FAFSA</p>
<p>No, you can not. You must put your parent’s income on FAFSA.</p>
<p>Even if they completely cut me off?</p>
<p>It doesn’t matter…you will have to put your parents’ income and assets on the FAFSA.</p>
<p>If your parents give up their parental rights and your grandma adopts you before you reach the age of 18, then I believe you would use grandma. However, if this is happening during your sophomore year of college, that is not possible!</p>
<p>But otherwise…no.</p>
<p>So what do you recommend I do since my parent have too high of an income to receive any aid and I’m planning on going to med school. How can I get good low rate loans that I can pay off when I get a job?</p>
<p>You can’t get loans beyond the federal student loans without a co-signer.</p>
<p>So you haven’t started college yet? Then it’s time to rethink your options!</p>
<p>You will NOT be able to get need-based aid just because your parents bailed on you. (If it were that easy, then all parents would say “sorry, no more money!” just so that their kids could qualify for financial aid!)</p>
<p>What you need to do is find a school where you qualify for merit aid . . . substantial merit aid! Then all you’ll need to do is keep your grades up in order to continue to receive the award, and your financial need (or lack thereof) won’t have anything to do with it. But this is a decision you need to make NOW, before you start school. Once you’ve completed a year of college, your opportunities for merit aid will all but disappear - most substantial merit aid awards are offered to incoming freshmen ONLY.</p>
<p>So if you know now that your parents are going to pull their support, you need to plan ahead. Find a school where you’ll qualify for the merit aid you need. Don’t wait until it’s too late!</p>
<p>What to do? You need to form a plan that is affordable. This might mean working part time and going to school part time. It might mean two years at a community college while working to save money. It might mean working full time and going to school part time.</p>
<p>If you are not going to be getting financial support, and you KNOW you can’t afford it on your own, you need to find an affordable option.</p>
<p>It probably doesn’t seem like it now, but your parents are actually doing you a favor by telling you now that your support is going to end. You can make a college decision in keeping with what your financial situation will actually be, rather than one that will be unaffordable in another year or so.</p>