Hey, I’m considered an independent on the FAFSA and I have to put my income down. I only made $4,359.94 gross pay for 2015 from weekend work. I’m wondering if this amount will hurt me on my chances of receiving any financial aid? Also, since I’m 17 and only made about $4,000 am I required to file 2015 taxes? And if not should I? (I’m independent because of legal guardianship).
We’re any taxes withheld from your pay? If so, file a 1040 EZ which will take you about 15 minutes to complete. I believe the IRS still offere free file to folks in your income range.
Your financial aid will largely be determined by the colleges…and your income is low enough that it shouldn’t be an. Issue. But much will depend on the financial aid policies of the colleges in terms of how much aid you will actually receive.
You will get $9500 in Direct Loans, and some Pell Grant money as well…assuming you have no other income or assets.
So I’m really unfamiliar with fafsa so the less u make the better? And if you’re an independent student better? I’m worried about not qualifying for financial aid I did CMA and in debt for 15k my financial aid is in forbearance I believe it’s called, my payment is postponed till the summer. Also I’m 25yo no income only SSI
@2016StudentLPN Being an independent student allows you to borrow more. Having less income allows you to get a higher Pell Grant (which maxes out at <$6K). Please read the stickies at the top of this forum to give you a background in Financial Aid.
@graceses What type of income did you earn? Were you an employee and you will receive a W-2 form or were you considered self-employed? Cash “under the table”? These answers affect your tax filing.
Your income is too low to hurt your FA.