Few families are able to go it alone when it comes time to pay for a college education. The college financial aid system is designed to help relieve this burden with its scholarships, grants, student loans, and tax incentives.

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Aid Myth: I won't claim my child on my tax return, so he or she can file as an independent student

Qualifying for independent status is not as simple as not claiming your child on your tax return. For federal financial aid purposes, a student must meet one of the following to be considered independent:

• The student is 24 years old.
• The student is married.
• The student is a actide duty U.S. Armed Forces or a veteran.
• The student is a ward of the court or both parents are dead.
• The student is a graduate or professional student.
• The student has legal dependents (other than a spouse) and is providing at least half their support.

There may still be advantages to not claiming your child as a dependent. If your income is too high to qualify for the Hope Scholarship or Lifetime Learning Credits, by not claiming your child, he or she is able to use the credit on his or her return.