FAFSA: what income qualifies?

Hey, I'm starting to plan for college and looking into financial aid. Can anyone tell me what income range generally qualifies for FAFSA assistance? Is there a specific cutoff point somewhere?

Hey! Glad you're looking into financial aid. The Free Application for Federal Student Aid (FAFSA) is used to determine your eligibility for various types of financial aid, including federal grants, work-study programs, and loans, as well as aid from states and colleges.

There isn't a specific income cutoff for FAFSA assistance. Instead, financial aid eligibility is determined by a few factors, including your family's income, household size, and the number of family members attending college. These factors are used to calculate your Student Aid Index (SAI) which replaced the Expected Family Contribution (EFC) in recent years.

The lower your SAI, the more financial aid you're likely to be eligible for. An SAI can be as low as -$1,500, implying a higher need for financial aid. It's important to note that the SAI is not divided based on the number of students in college within a family, unlike the previous EFC system.

Even if you think your family's income may not qualify you for a significant amount of financial aid, it's still essential to complete the FAFSA. Many colleges require FAFSA completion for their own scholarships and grants, and sometimes external scholarships will also ask for a FAFSA submission.

In short, there isn't a specific income cutoff for FAFSA assistance, and your eligibility will depend on your family's financial situation, household size, and other factors. I recommend completing the FAFSA regardless of your income to ensure you're considered for both federal and institutional financial aid opportunities. Good luck!