Each state has its own legal regulations, but a typical
southern state defines a student's legal residence for
tuition purposes as beginning after the student and the
supporting parent shown on tax returns have both lived in
that state for a full calendar year. Otherwise, any
student under the age of 23 whose parents live in another
state must be financially independent to qualify as a
resident for tuition purposes. Financial independence is
defined to mean 90% self supporting. Qualifying income to
establish financial independence can come from assets in
the student's own name such as stocks, mutual funds,
savings accounts. Otherwise the income must come from
grants, scholarships, loans, and personal work, Work,
WORK.
LOANS
Student loans must be repaid. A prudent lender will be
more likely to make a loan to an engineering student than
one majoring in international underwater basket-weaving
who is preparing for a life of charitable social service
work in Bangladesh or Central Africa. Most lenders will
look only at the potential economic payback. After all,
they are responsible to their depositors.