Emancipation

Emancipation is the process of declaring yourself independent from your parents. If you're under the age of 24, it's unlikely that emancipation will help you get more financial aid to pay your college tuition.

Applying for student loans can be a real minefield. If you're under 24, unmarried, have no children, and are not in the army, you are considered to be a dependent. That means that your parents are technically still responsible for you. It doesn't mean that they have to pay your tuition, but you do have to list their financial details on your FAFSA form. Their income and savings are taken into account when determining whether or not you get a loan or financial aid.

If it sounds unfair, it's because it is. In almost every other way, a 23-year-old is considered an adult. It doesn't matter if you've been supporting yourself since you were 18, or that you haven't spoken to your parents in four years. The rule is that you're still a dependent.

In an attempt to get around this rule, some people have tried to become emancipated. This is akin to divorcing your parents. You can become emancipated from the age of 16, but it's not easy. You must demonstrate that you can support yourself, so your parents don't have to. You will need to have a job and a place to live.

Emancipation is not a silver bullet. It will not solve the problem. Most financial aid offices don't care about emancipation. If you're under 24, you're still considered a dependent. It's very unlikely that you'll get financial aid as an independent, unless you can demonstrate extreme special circumstances, such as abandonment or abuse.

There is an exception for students doing a graduate or professional degree, who are automatically considered independent.

There are downsides to emancipation. If you're no longer dependent on your parents, you won't be covered by their health insurance, even when you are studying. The process itself can be confusing and time consuming. Your family may not be thrilled about it.

Unless you can genuinely show that your circumstances are extraordinary, there's very little chance that emancipation will help you get more financial aid.