Here’s a great provision of the College Cost Relief Act, and one I’ve gotten question about surprisingly frequently.  Currently, even if you are an emancipated minor (an under-18 year-old legally who has had their parents legally removed as a guardian and been declared independent by a court of law), you have to list you parent’s income on your FAFSA, and you are penalized becuase of it – as your parents really aren’t helping you!!

Starting in July 2009, if you are an emancipated minor, you will be considered an independent student, which means you are eligible for larger Stafford loans.  This is great news for anyone it applies to, because currently emancipated minors are penalized as they have to include their parent’s income, even though their parents do not support them in any way.