April 20th, 2010 | Uncategorized

Mom and Dad won’t pay?

How do you pay for college if your parents do not want to split the bill? The New York Times outlined two strategies in an article published Monday, “Paying for College on Your Own.”

Strategy #1: Get your parents to fill out their financial information on the Free Application for Federal Student Aid (FAFSA)

Just because a student’s parents filled out the FAFSA does not mean they must pay. But for students to get need-based financial aid at Yale and other Ivy League universities, their parents must report their financial status. Yale requires signed copies of parents’ federal tax returns on top of their financial information in the FAFSA and College Scholarship Service Profile. So if a parents report a low figure, their child might receive a large aid package. At Yale, families earning less than $60,000 annually will not make any contribution toward the cost of the students’ education, although the student does have to make payments through self-help.

Strategy #2: Declare yourself as an independent

When a student declares himself as an independent, the student’s financial aid is calculates based on his income, not his parents’. However, this works only if the student can prove that he is: over age 24, supporting a dependent, married, in the military, a veteran, in foster care, a ward of the court, an orphan or homeless. Most Yale undergraduates do not qualify for the “independent” status.

The second financial aid application deadline for returning Yale undergraduates is May 17; they will be notified of their award package June 25.