| Saddly, this is a very common problem that affects | | | | one of your existing hobbies. Make it legal by getting |
| about half of all college students and prevents many | | | | a $15 state business license and a business license in |
| others from going to college until they are 25. Even | | | | your city if they require one. Make it ethical by |
| though you're 18 and on your own, the government | | | | making some kind of real effort like passing out a |
| decided that you have to put your parent's income | | | | few business cards and talking to people. This does |
| on your FAFSA until you are 25 or married. The | | | | not mean you have to spend a lot of money. After |
| FAFSA is the federal application for financial aid that | | | | three years your home-based business will be |
| all accredited schools use. Without federal aid, you | | | | reclassified as a hobbie if you continue to take a loss, |
| may have to work several jobs while going to school | | | | so you might consider getting a new business license. |
| part time just to survive. Books and tuition are not | | | | During that period you may have to do monthly, |
| cheap. and not everyone has the luxury of living with | | | | quaterly or annual reports. It's as simple as a phone |
| mom and dad. For the lucky few their are | | | | call if you have no income to report. |
| scholarships available, but they may only cover a | | | | Having a home-based business allows you to write |
| portion of the total cost. | | | | off a lot of things that are legitament tax deductions. |
| Okay, here are a couple strategies to qualify for full | | | | Do some research or get a pro to help you at tax |
| financial aid. | | | | time. H&R Block is not what I mean by a pro; |
| You may not agree with this, but the first strategy is | | | | you need someone that can help you plan ahead for |
| to marry another student in the same situation to | | | | the year and teach you enough so you know what |
| exclude your parent's income from your FAFSA. | | | | records to keep and what qualifies as a deduction. |
| Make sure the other student has very little income | | | | Unfortunately, I thought that joining the military |
| and get it annuled immediately if they cause any | | | | would solve my financial aid problem because I now |
| problems. Just remember this is a business | | | | have this thing called the GI Bill. The truth is that the |
| arrangement, so don't consumate the marriage. You | | | | GI Bill is worthless, because your college will reduce |
| can get married at the courthouse and keep your | | | | your financial aid by the same amount you receive |
| maiden name. No one has to know who or why. | | | | from the GI Bill. So there is no educational benefit to |
| Annule it when you either graduate college or turn 25. | | | | joining the military, because everyone that needs |
| The second strategy is to either get your parents or | | | | financial aid qualifies for it. |
| yourself a home-based business in order to take a | | | | Working multiple jobs while you go to school can |
| loss and reduce your AGI or your parent's adjust | | | | effect your grades and causes a lot of students to |
| gross income. AGI is income minus losses. Adjusted | | | | drop out. Low grades will make getting into a |
| gross income and funds available determine your EFC | | | | competitive program or an accredited grad school |
| or expected family contribution. Usually an adjusted | | | | almost impossible. I strongly recommend that you get |
| gross income in the 6K or less range will give you an | | | | an Associate's degree at a community college before |
| EFC of O. The higher your EFC, the less financial aid | | | | going straight into a Bachelor's degree program at a |
| you qualify for. Full time students with EFC's of 0 | | | | four year university because your tuition and books |
| always get full financial aid if they complete | | | | will be much lower at your community college and |
| everything by their college's priority deadline. | | | | each year the amount of money you qualify for in |
| Home-based businesses can be created based on | | | | student loans increases. |