If I would like to apply for financial aid for graduate school, should I forget about dancing? The forms for aid ask you your income and how much you have saved and in assets. Thank you for your replies.
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If I would like to apply for financial aid for graduate school, should I forget about dancing? The forms for aid ask you your income and how much you have saved and in assets. Thank you for your replies.
Well, by the letter of the law, your club income should be reported to the IRS. Some clubs which treat their dancers as employees will file a W2 with the IRS with your name and total income on it. Other clubs which treat their dancers as independent contractors will file a 1099-misc with the IRS with your name and total income on it. Student Aid agencies will cross check the income amounts listed on your tax returns and on these IRS forms against your student aid application. They will also check your bank balances, your car registration, etc. to determine what your assets are.
Mel, Do you have personal experience with this? What could I have cash wise/ asset wise and still qualify for aid? What is the most amount of money in the bank?....I do have a car in my name. How much aid do they usually give people in need? Im wondering if dancing is stupid, because im just dancing to pay my way through school....and if aid would help me through most of it- why dance???What do you think that I should do?
I'm not Melonie, but I have gone through the financial aid run around, with dancing. Go to www.fafsa.ed.gov that is where you will find your financial aid worksheets and answers to lots of questions. In general, they will be looking at your and your parents tax returns. They will also be looking at your and your parents assets, except for certain qualified retirement plans. They even have an estimator program to tell you how much aid you might qualify for.
Remember, most packages have lots of loans and very few actual grants. While the loans don't usually have a credit check, they do have to be repaid. Those loan repayments are a real drag on your post college lifestyle.
Also, the financial aid system assumes that you will work some in the summer.
HTH
Z
Stripper, I have done the financial aid thing, got all sorts of aid while dancing. The biggest help is if you are at least 24 years old they will not use your parents' income at all - only yours - to determine your eligibility for financial aid. If you are under 24 and your parents claim you as a dependent on their taxes, they look at your parents' income. If you live alone and your parents don't claim you on their tax returns, you can get speical consideration as an independent student, but you have to do a bit more legwork with the financial aid office at your school. If you qualify as an independent student, you basically can't have any money in bank accounts in your name to qualify for financial aid. I have always had a car in my name, and that never affected me - they are looking for income, cash and bank accounts. I can give you lots more info. Register with this site and PM me.