"The rule is: free money first (scholarships and grants), then earned money (work-study), then borrowed money (federal student loans)," the US Department of Education writes on its website, adding that private loans should be the last resort.
There is no income that is too high to file a FAFSA. No matter how much you make, you can always submit a FAFSA. Eligibility for need-based financial aid increases as the cost of attendance increases, so even a wealthy student might qualify for financial aid at a higher-cost college.
Some of the most common FAFSA errors are: Leaving blank fields: Too many blanks may cause miscalculations and an application rejection. Enter a '0' or 'not applicable' instead of leaving a blank. Using commas or decimal points in numeric fields: Always round to the nearest dollar.
There are no set income cutoffs for financial aid because of the number of factors that are included in the need-based calculation beyond income. Unless parents are in a situation where they don't need money for their child to go to school, everyone should fill out the FAFSA.
Students should not just leave the section blank. Put something there like “0” or “N/A” because too many blank spaces could cause the FAFSA to be rejected. Too often students mistype or miswrite an answer. Social security numbers (SSN), parent marital status, and nicknames are three of the most frequent pitfalls.
Don't worry, this is a common question for many students. The good news is that the Department of Education doesn't have an official income cutoff to qualify for federal financial aid. So, even if you think your parents' income is too high, it's still worth applying (plus, it's free to apply).
For example, if your citizenship status changed because your visa expired or it was revoked, then you would be ineligible. Other reasons for financial aid disqualification include: Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school.
There is no income cut-off to qualify for federal student aid. Many factors—such as the size of your family and your year in school—are considered.
Grants and scholarships are the most desirable forms of financial aid because they come in the form of free money, often with no strings attached.
The U.S. federal government offers grants to help those with financial need pay for school. The main federal grant programs include: Pell Grant. This popular grant program is available to anyone who meets certain financial need requirements and is enrolled at least part-time in college.
Grants don't need to be repaid, assuming the requirements are met (maintaining a certain GPA, completing the program, etc.). There are fewer grant options compared to scholarships because grants are mostly based on financial-need.
Check if your GPA is below 2.0
If your cumulative GPA drops below 2.0 or if you've dropped/withdrawn from several classes, you may not be meeting a requirement called Satisfactory Academic Progress (SAP). If you don't meet SAP, you may not be eligible for financial aid for the upcoming term.
Request an aid adjustment.
To request an aid adjustment, contact your school's financial aid office. Your school may ask you to provide documentation about your circumstances so that they can consider making an adjustment to your FAFSA information and aid offer.
Technically, no income is too high for the FAFSA. The U.S. Department of Education recommends filling out the FAFSA yearly, regardless of income. However because FAFSA is needs-based aid, those from lower-income families with a greater financial need get access to more financial aid.
Grades Slipped or Haven't Completed Enough Credits. You need to make satisfactory academic progress in college or career school in order to keep getting federal student aid. Talk to your school about whether you can appeal the decision that made you ineligible to continue receiving federal student aid.
The Pell Grant is indeed a valuable financial aid resource for many college students. While there isn't a strict maximum family income limit for Pell Grant eligibility, the grant is typically awarded to students with financial need, particularly those with an annual family income of $60,000 or below.
In fact, over a four-year span, families with annual household income of $200,000 can get a third or more of the cost knocked off an education with a $300,000 list price.
You can only qualify as an independent student on the FAFSA if you are at least 24 years of age, married, on active duty in the U.S. Armed Forces, financially supporting dependent children, an orphan (both parents deceased), a ward of the court, or an emancipated minor.
Assets considered for the FAFSA include: Money, which includes current balances of any cash, savings, and checking accounts.
FAFSA FAQs
There's no income limit that precludes students from qualifying for student aid, so they should complete the FAFSA, regardless of their family income.
Federal student aid from the Department of Education covers such expenses as tuition and fees, housing and food, books and supplies, and transportation.