Would buying a car affect the amount of financial aid i get for college next year?
My parents income is $5,000-7,000 because my dad retired and my mom was laid off. My dad collect SSI because he is 65+ and my mom collects unemployment. I don't know how much they get from these benefits. I am also not sure if these will count as income and what not.
My income by the end of this year would be between $8,000-10,000.
So my question is "Would buying a car worth of $12,000 affect the amount of money I will be getting even if my family income is low?"
My parents and I don't own any houses or business, bonds, etc.
I am also dependent and single if that matter and I am the only one going to college at the moment. And I was told that my income and assets will counted more than my parents.
I am currently attending a community college, but planning transfer to a University in the fall of 2010. The financial aid will be for the 4-years University.