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Income Limit for Financial Aid?

Does anyone know if there's an income limit for receiving financial aid? I'm a little concerned about how much my family makes and if I'll still be eligible for aid. Thanks for any input!

a year ago

There's no strict income limit for receiving financial aid, but eligibility largely depends on several factors: your family's income, the number of siblings in college, EFC/SAI, and the cost of the school you're attending. Financial aid is generally determined by calculating the difference between your family's Expected Family Contribution (EFC) or Student Aid Index (SAI) and the total cost of attendance (COA) of the college you're attending. It's important to note that beginning in 2023, the FAFSA shifted from using EFC to SAI, which has slight differences but serves a similar purpose in determining your financial aid eligibility.

For example, if your family's SAI is $20,000 and the COA of the college you want to attend is $50,000, you might be eligible for up to $30,000 in financial aid. This aid may include federal, state, and institutional grants, work-study, and loans. Keep in mind, though, that different schools have different aid packages, policies, and resources, so the aid offered at one school may not be the same as the aid offered at another.

Some colleges have more generous financial aid policies and even commit to meet 100% of demonstrated need for accepted students. This means they'll cover the difference between your family's SAI and the COA without requiring your family to pay more than their calculated contribution.

To get a sense of what financial aid you may be eligible for, try using the Federal Student Aid Estimator tool or looking up each college's net price calculator. These tools will help you estimate your federal and institutional aid amounts based on your financial situation. Remember to fill out the FAFSA as soon as possible when it opens on October 1st since certain financial aid opportunities are awarded on a first-come, first-served basis.

In summary, there's no set income limit for financial aid, but your eligibility will be determined by factors like your family's financial situation, the number of siblings in college, and the cost of attending your desired institution. Make sure to complete the FAFSA early and use net price calculators to estimate your financial aid.

a year ago

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