Friday, January 4, 2013

Financial Aid and Filing Status

"Will I receive more financial aid if I file Married Filing Separately?"

Married filing separately does not offer an individual more financial aid versus married filing jointly. Once you report you are married on your FAFSA, both incomes of the spouse must be reported on the FAFSA. If you are married and report only one person's income, a red flag will be raised.

If your income is higher than the last time you filled out a FAFSA, you will not  qualify for as much need based aid as the last time or you may not qualify for any need based aid. Pell grants and subsidized loans are some examples of need based aid. Depending on your income, you may only qualify for unsubsidized loans. Unsubsidized loans accumulate interest while you are enrolled in school and become more expensive, subsidized loans do not accumulate interest while in school.

Click on this link to see how much financial aid you may qualify based on your new married
income for more specific information.
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