question regarding federal student loans...does anyone here know what the

[madmom]

criteria is for a student wanting a federal loan and not taking parents income in to account? Do they have to be away from home for so long, if they live at home but pay rent and their own expenses does that work? any info would be greatly appreciated thanks in advance.

edited to add said wanna be student is 24

[Uben]

1. Shouldn't have any problem with a Stafford loan

My daughter got one and she was younger and lived at home. She now has her MBA!

[Gormy Cuss]

2. A FAFSA eligibility tool online

It isn't the final word on the matter but it may help the wannabe student figure out the chance the s/he qualifies for Federal loans.

http://www.fafsa.ed.gov/FOTWWebApp/fotw0809/WorksheetServlet?wstype=WSDEP&locale=en_US

[Fearless]

3. Federal Loans... ain't what they used to be... blame Bushco...

Sumbit the FAFSA form... it requires a parent's income with it though... There are many companies and so forth that also have auxillary loans available.. but be very careful of them.

[progressive_realist]

4. According to the FAFSA I just filled out

Any one of the following will qualify a student as independent:
1. Born before January 1, 1985
2. Working on Master's or Doctorate in 2008-2009
3. Married
4. Has children s/he supports
5. Has dependents other than spouse/children
6. Parents are deceased / student is ward of court
7. On active duty in the U.S. Armed Forces
8. Veteran

The full version of these criteria can be found here: http://www.fafsa.ed.gov/FOTWWebApp/fotw0809/WorksheetServlet?wstype=WSDEP&locale=en_US

[progressive_realist]

5. You'll want to file a FAFSA no matter what

Even if family income is too high to receive a Pell Grant or subsidized Stafford Loan, you may get an unsubsidized Stafford loan, which still has lower rates than the predatory lenders who might be your next recourse.

Also, many other third-party scholarships, grants, and loans require a FAFSA to be on file. I'm not sure exactly why this is.