You've maxed out federal student loans. Now what? If you've maxed out federal direct loan eligibility, look into the best private student loans to pay for school. Private loans should be considered after federal loans because they typically have fewer repayment options and their terms vary.
Contact Your Financial Aid Office: Speak with a financial aid advisor at your school. They can provide information on your options, including potential additional aid, work-study opportunities, or emergency funds.
A student who has an overpayment of an FSA loan or grant loses eligibility for FSA program aid but may re-establish eligibility by repaying the excess amount or making arrangements satis- factory to the holder of the overpayment debt to pay the excess amount.
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.
There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.
Although there are some broad requirements you must meet to qualify for federal aid, there's no FAFSA income limit.
If there is money left over, the school will pay it to you. In some cases, with your permission, the school may give the leftover money to your child. If you take out a loan as a student or parent, your school (or your child's school) will notify you in writing each time they give you any part of your loan money.
You also can't pay for the purchase of a car with financial aid funds. In particular, a qualified education loan is used solely to pay for qualified higher education expenses, which are limited to the cost of attendance as determined by the college or university.
Overpayment is the disbursement of more federal student aid funds to a student than they are eligible to receive. An overpayment alert in "Account Dashboard" will let you know whom to contact to resolve the aid overpayment.
A student is ineligible to receive further Pell Grant funds if they have reached or exceeded the 600% limit. This limitation includes all grants disbursed since the beginning of the program (1973-74).
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.
There's no official income cutoff to qualify for federal student aid. Yes, your family's annual income influences your aid package, but other factors, such as family size and year in school, also help determine your level of aid. Ultimately, submitting a FAFSA is relatively easy and 100% free.
Scholarships, grants, and loans usually disburse directly to your college to cover billed expenses. If the financial aid exceeds these costs, a refund is generated. This refund can be sent to the student or, in the case of Federal Parent PLUS Loans, sometimes to the parent, depending on the school's policies.
If you have reached your annual loan limit, you will need to wait until next year to borrow more. If you have reached your aggregate loan limit, you can discuss your situation with your financial aid office.
You can't use your Pell Grant to directly pay your student loan. However, if there are any funds left over after your school applies your Pell Grant toward your tuition and fees, those funds are given directly to you, and you then may use them to reduce your loan amount.
Anything pertaining to your schooling is an appropriate use of financial aid. School supplies, a computer, travel costs to and from campus, books, tuition, childcare expenses (if applicable), and tutoring are all reasonable purchases for a serious student.
Tuition, fees, supplies and textbooks are among the expenses approved by the federal government, while things like vacations, clothing and some other personal expenses are prohibited.
If you received more assistance than you earned, the excess funds must be returned by the school and/or you.
Spend it on essentials
Students may want to spend their refund on things like clothes, technology, or a vacation. This is not the wisest thing to do, and it can form poor financial habits. Students should spend their refund on things related to the cost of attending college, or something that will advance their future.
Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.
Basically, there is no set income cutoff for aid. If you still think your parents are too wealthy to access financial aid, consider using either the Federal Student Aid Estimator or your school's net price calculator.
Typically, issuers send your financial aid funds directly to the school, and the school then applies the money to your tuition, fees and other expenses. If there is money left over, the school will send the remainder to you, and you can use it to cover your other expenses, such as your textbooks or transportation.
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.