What Income Levels Qualify For Fafsa

The chart below from the efc formula guide shows the components of parent income shows the components of parent income.

What income levels qualify for fafsa. What is the maximum income to qualify for financial aid. Parent income tends to be overlooked in fafsa planning which is unfortunate because for most families it s the biggest piece and one that has some real planning opportunities. If your family makes less than 30 000. Currently the fafsa protects dependent student income up to 6 660.

As told above the amount of federal grant depends on family income and a few other factors. For parents the allowance depends on the number of people in the household and the number of students in college. If your family has an adjusted gross income of 26 000 or less your efc is calculated at zero and you can qualify for up to the maximum amount in pell grant funding if your school costs more than 6 195 a year to attend. Recipients of the most popular federal grant program pell grants typically have a family income of 20 000 or less though students with a family income of up to 50 000 may be eligible.

Eligibility for the federal pell grant is based on the expected family contribution efc not income. This may come as a surprise to you but there are no income requirements or cap to the amount of money you can earn to qualify for federal student aid. Many factors go into the financial aid equation such as as taxed and untaxed income assets number of children in college and parent age. Should we file a fafsa if we apply to low cost schools.

Based on data from the national postsecondary student aid study npsas more than 94 of federal pell grant recipients in 2015 16 had an adjusted gross income agi under 60 000 and 99 9 had an agi under 100 000. If parents have a single child and their income is below 350 000 a year there is a good chance that their kids will get qualified for this given they have filled out the fafsa application. Even high income families can qualify published thu feb 20 2020 10 52 am est updated mon feb 24 2020 8 25 am est jessica dickler jdickler. Your income is too high to qualify for student aid at a presentation i gave recently a family shared with me that they had been advised by a co worker not to bother applying for aid because their.

For 2019 2020 the income protection allowance for a married couple with two children in college is 25 400.