If I claimed my son as a dependent on my taxes, how does that affect our financial aid applications? If I go back to school and fill out a FAFSA form, will it hinder his financial aid in the process or are they considering on two seperate cases?
Since he is your dependent he will have to give both his and your financial information on his FAFSA. He will get less financial aid because he'll have your income added onto his.
I don't have any experience on how it works out for parents but most likely your aid will be a bit better?
eta- As long as he is under 23 its very difficult for him to claim independent status and leave parents off his FAFSA. So you claiming him prob didn't make a huge difference really, they would've required your financial info anyway just because of his age.
