Reply to Answer provided: How will a 529 plan affect my child's chances to qualify for financial aid?

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Reply to "Answer provided: How will a 529 plan affect my child's chances to qualify for financial aid?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What are the rules with financial aid if for example a parent was to cut off a student in attempt to have the student get financial aid?[/quote]

It is virtually impossible to get yourself declared independent below a certain age (24 or 26 I think, though I'm not sure) unless you are married. I had friends withe divorced parents and their father refused to provide any support or any information for them to file a FAFSA. They were pretty much screwed. [/quote]

This is not true. All you have to do is give up your child as a dependent on your taxes and have them file their own taxes asan independent. I did it and got maximum state and federal grants, as well as need-based scholarships from my private college. It's not that hard. [/quote]

No, FAFSA doesn't work this way. Even if you are declared independent on federal taxes, when you will out the FAFSA, you are essentially assumed to be dependent up to the age of 24 unless you are married, have a kid of your own, or if there are extreme mitigating circumstances. [/quote]

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