A) Students who are independent may be eligible for more aid than children who are considered dependents. Independent students are; over age 23, married, working on Masters of PhD, have legal dependents other than a spouse, orphan or ward of the court until age 18 or veteran of the U.S armed forces
B) You should keep as much as possible out of the student as student assets are deemed to be available for education more than the parent’s assets. Custodial accounts are the only accounts whose assets are deemed to belong to the student.
C) Financial AID programs will include; Pell Grant, Stafford Loan, Plus Loan, Federal Perkins Loans, Federal Work Study, Federal Supplemental Education Opportunity Grant.
D) Tax Advantaged Plans for education will include Qualified State Tuition (Prepaid Tuition and Savings Account—529 plans), Coverdell, Roth IRA, Series EE bond, UGMAs, Lifetime Learning Credits and American Opportunity Tax Credits
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