Financial Aid - Higher for dependent or independent?

When the parents have low income, the student usually does better as a dependent. Although the student has to include the parents' income, there are also other factors that offset that income, such as the number in the household, the number in college, the age of the parents, whether there is one wage earner or two, etc. An independent student with no dependents can't include those factors so sometimes they receive less aid even though the income is lower.

If you had no income at all, you will probably have a 0 EFC. If you had an EFC last year that was higher than 0, then you will receive more grant aid as an independent. You'll also be eligible for a higher level of loans. BUT, you won't be eligible for a parent PLUS loan, and often that's more valuable than a couple of thousand dollars in grant money. Here's why:

A student can only borrow a limited amount each year. As an independent with a 0 EFC, the most you could receive is $9,500 in loans and $5,645 in a Pell grant ($15,145 total). If your college costs more than that, you are out of luck, unless you can find a private loan or a scholarship. As a dependent, you could only borrow $5,500 and you might not get as much grant aid, but your parents could borrow a PLUS loan on your behalf for an amount up to the cost of attendance at your college. This means that you would be assured of having enough funds available to pay your bill. So,sometimes it's actually better to be a dependent.

If your parents are low income then it would be pretty close to the same. If they are high income you will get more as an independent. That being sad, you basically do nt have a choice is you are under the age of 24 you are considered dependent even if you pay all of your own expenses.

We cannot say, financial aid is based on income and assets. Being independent, you no longer have to provide your parents' information, but your household is now smaller. The significance is that federal poverty level for a one person household is much lower. You could receive more, or you could receive less.

If you're determined to be an independent student now, from my understanding you do not get to "choose" to be dependent in order to use your parents' lower income to receive more aid.

I think they might be slightly higher, but it also should depend on individual circumstances.