To emancipate or not?

[rmiecz]

Well that's my question, I'm on decent terms with my parents, however receive no financial support. I'm 20, work full time making ~25k, and am currently in college. I've been considering legal emancipation as my financial aid (for school) is slim to none. I could definitely use some help (the school assumes parent contribution of 10k / year...HAH), but I don't want to bury myself in debt before I even really get started in life.

So, do the benefits outweigh the consequences, if any? I'm on their basic health/dental insurance plan, that's all I know I will be losing (I can add it with my current employer within 2-3 months if need be). What comes along with this course of action?

(Florida, if relevant)

[forstine]

I wouldn't recommend emancipation.. if you are on good terms with your parents would it be possible to sit down and have a talk with them about your situation. If you are 20 years old then you are at a serious enough age as to where you should be considered old enough to have an adult conversation with them. But don't just talk, also listen to what they have to say, maybe you guys can reach some type of agreement..

[riverwed070707]

Originally Posted by forstine

I wouldn't recommend emancipation.. if you are on good terms with your parents would it be possible to sit down and have a talk with them about your situation. If you are 20 years old then you are at a serious enough age as to where you should be considered old enough to have an adult conversation with them. But don't just talk, also listen to what they have to say, maybe you guys can reach some type of agreement..

What does this mean? She should ask them for money? Not everone wants or can afford to pay for their childs schooling. If they did, they would be doing it.

OP - the only thing I can add is that emancipation takes a long time, sometimes a year or more, and you have to be able to prove serious, unresolvable issues and make a case for how your situation will be dramatically improved. I don't think evading financial aid requirements is going to make the cut. Additionally, are you sure you can be emancipated after the age of 18? This was an option I explored at 17 and ultimately it was too costly and too long of a process to be worthwhile.

I feel your pain. I paid my way through college with few loans too. Worked my tush off, but you know what? It paid off! GL!

[Frugal]

I thought emancipation was hard for kids to do. A lot of people talk about it when they are younger, but it is a tough process and I wouldn't recommend it.