Hi there! I'm going to be filling out the FAFSA soon and was wondering, what is considered 'low income' for the purpose of financial aid? Is there a specific income bracket that is eligible for more aid or is it determined on a case-by-case basis?
Hi! It's important to remember that the FAFSA will generate what's called the Student Aid Index (SAI), which is used to determine your eligibility for federal financial aid, including grants, loans, and work-study opportunities. The SAI calculation takes into account various factors such as your family's income, assets, tax information, and the number of family members. There isn't a strict income cutoff for being classified as "low income," as the FAFSA aims to consider each applicant's unique financial circumstances.
Generally, it's safe to say that families with lower incomes will receive more financial aid. However, the exact amount of aid you will be eligible for depends on a variety of factors, including the cost of attendance at the colleges you're considering. Some schools also supersede federal financial aid standards by providing additional institutional aid or matching grants to meet 100% of demonstrated financial need, so it's essential to research each college's financial aid policies separately.
Good luck with the FAFSA process, and don't hesitate to reach out if you have more questions!
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