Sole Proprietorship affecting FAFSA
 

Hello,
I was about to sign up for the business card as a sole proprietor, but realized it may have implications for the FAFSA (federal student aid). Does anybody know anything about this? Would the credit bureaus report to the government that I have this sole proprietorship and would that make them question my assertion I had no income?

I would love the bonus miles from Citi, but not at the expense of thousands in grants and subsidized loans.

I really don't see how this would be an issue at all. Even if Chase did report to the credit bureau that you have a cc account under the name of a sole proprietorship (and some government agency had access to that report, which is doubtful in and of itself) doesn't mean that said business is profitable or that you are able to earn an income from said business (think how long it may take to make a "side" business profitable in many industries).

I wouldn't give it a second thought. You'll be fine.

You DO have a nonprofitable, non-income producing small business, right? ;-)

Isn't fafsa just the application?

Anyway, as far the applications you should not be worried about the financial aid. Let's say you had a business but it is not profitable then you would still qualify. I currently am a small business owner, however I attend classes and still qualify for financial aid as the past year has not been the best year for my business.

I have quite a few credit cards but it is not taken into consideration for financial aid, or at least I do not think so.
Many of us have a general idea of how it would affect you, however I would speak to a financial aid counselor about it as they can provide a firm answer, or at least find the answer for you.

In my opinion though, I do not see how it can affect your financial aid status.