FAFSA income limit?

romanigypsyeyes
Sat, 21 Nov 2009 12:46:43 +0000

I think it would be safe to say that if you have a highish income - say over $80k - and you only have one child in college, you won’t get federal aid - except for loans.



As with all financial aid, nothing is absolute lol. I knew a family with an income of around 85k, but had 4 kids in college. They did qualify for Pell Grant (but BARELY). Oy vey for set rules. I say to be completely safe, no income over 500k would get federal financial aid lol.



thank you, guys. I meant non-loan financial aid from the school, though - 80k is really the “cutoff”? I was told people with incomes up to 200k (depending on assets, debts/expenses, children in college, etc.) have received financial aid. Which I why I was curious what the “ceiling” was.



Debts don’t count. Say 200k gives you a EFC of 50k (which is pushing it, I’m assuming it would be MUCH higher). Since 50k > than almost any COA, there would be no need. Now take that and assume 3 in college, the EFC for each would be around 16-17k. Since that is lower than some COA, one could get aid. However, no federal non-loan aid that I am aware of. Also, I doubt very much that the UC system in their financial crisis would see someone with 200k income as having “need”.



Also is where you live taken into account? 80K in LA or NYC is about the same as 40K in other cities.



Nope. That would be incredibly complicated and many see where you live as a choice (whether it is or not is debatable).