Alive and Well and Living On Your Own

By declaring financial independence, you may find yourself eligible for heftier government financial aid. The evaluation of need is then based on your income and assets, instead of your parents'.

Proving independence involves meeting at least three requirements: 1) that you haven't lived with your parents for more than six weeks in either one of the last two years; 2) that you haven't received more than $750 in support from your parents in either one of the last two years; and 3) that you haven't been listed as a dependent on your parents' income tax returns during the past two years. (Be prepared to prove your claim with tax returns and other documentation.)

In some instances, your campus financial aid officer may waive some independent-status requirements. Check into it.