I am a 20 year old full-time undergraduate student. My parents are divorced, and I am currently claimed as my mother's dependent. My father recently told me to claim myself as an independent, in order to qualify for additional grants/scholarships, as my older brother (25) did so recently and was granted a sizable amount as a result (I wasn't told anything specific, although my mother noted that he had been living and working on his own for some time now.)
My mother on the other hand is pressuring me to stay claimed as her dependent, in order to get the tax breaks as a result. Her reasoning is that my father has made some very poor financial decisions and she's extremely skeptical whenever it comes to him and finances. While it does seem like she has a vested interest in this affair, it should be noted that she is the one shouldering the financial burden of student loans (https://www2.gmu.edu/admissions-aid/financial-aid/types-aid/loans/federal-direct-plus-loans), so if it was some surefire thing for more money, she would surely be on board with me claiming myself as independent.
This is somewhat urgent as my father has stated that if I don't do this (or convince him that its more financially viable to keep me as a dependent,) he will not be providing any financial support for my schooling. While my mother hasn't said anything to the same degree, I fear she might do something similar. While I'm currently researching what exactly claiming myself as an independent entails, I figure I might as well make a post on here for additional information. My big questions are:
Beyond grant qualifications and tax cuts, what does claiming myself as an independent entail? (I understand I will not be eligible to be on my mother's insurance plan, but beyond that I'm not sure.)
I haven't been a part of my parents financial discussions in the past, and I'll be talking with both of them soon about the exact finances of my college. What questions should I ask them/what information should I expect to have by the end of the conversation?
Assuming the worst, and one of my parents stops supporting me financially, what is my best course of action?
Any advice on my situation would be greatly appreciated. Thanks
Submitted January 21, 2019 at 01:21AM by A-kuuiza-do http://bit.ly/2QYYJYA
