Student Loan Info you need to know

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Student Loan Info you need to know
By: Student Credit Cards.com

The type of student loan and amount you are awarded by the federal government depends highly on your status as a dependent/independent student. Independent students qualify for larger loan limits through the federal financial aid program.

To qualify as an independent student, the student must be 24 years old or meet one of the following requirements:

You are a veteran of the United States Armed Forces.
You are an orphan or ward of the court.
You have legal dependents – such as children – other than your spouse.
You are married.
You are a graduate or processional student (note: parents of graduate students may still be able to claim their student as a dependent on their U.S. taxes under IRS guidelines even if the student qualifies as an independent student in regards to federal financial aid.

Being an independent student is usually an ideal status for the student. Dependent students may not qualify for a lucrative student loan even if their parent’s have o intention of footing their tuition bill. This is because federal financial aid is awarded based on a student’s need. If the student is dependent and his or her parents don’t demonstrate a financial need, student loans may be out of reach. Specific information on how a student’s dependency status affects his or her student loan borrowing ability can be found at www.studentaid.ed.gov.

While most students in this situation have to find their own way to pay for school, some appeal the award decision successfully. An appeal can be done by calling or writing your school’s financial aid office and explaining your situation. The financial aid administrator doesn’t always admit it, but he or she has the power to award you a student loan or other financial aid if the situation deems it necessary. To successfully appeal the financial aid award, the student must be able to prove with documents that there is an adversarial relationship between the parents and the student.

Student credit cards.com @ January 9, 2008