Can you still get financial aid if your parents make 100k? (2024)

FAQs

Can you still get financial aid if your parents make 100k? ›

In conclusion, even with a household income of $100,000, it is still possible to receive financial aid. To maximize your chances, ensure that you apply for as many different aid programs and scholarships as possible, both at the college level and from outside sources.

Don't worry, this is a common question for many students. The good news is that the Department of Education doesn't have an official income cutoff to qualify for federal financial aid. So, even if you think your parents' income is too high, it's still worth applying (plus, it's free to apply).

There is no income that is too high to file a FAFSA. No matter how much you make, you can always submit a FAFSA. Eligibility for need-based financial aid increases as the cost of attendance increases, so even a wealthy student might qualify for financial aid at a higher-cost college.

There is no income cut-off to qualify for federal student aid. Many factors—such as the size of your family and your year in school—are considered.

What are the FAFSA income limits? A common myth is that students from high-income families won't qualify for FAFSA funding. In reality, there's no maximum income cap that determines your eligibility for aid. Although your earnings are a factor on the FAFSA, only some programs are based on need.

Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school. Defaulting on a student loan.

Even if your family makes multiple six figures a year, you can still get financial aid. That said, not financial aid is created equal. Ideally, you want free money, or grants not loans. Despite earning a six-figure household income, many parents struggle to pay for their children's education without going into debt.

Declare Yourself Independent for Financial Aid. A student age 24 or older by Dec. 31 of the award year is considered independent for federal financial aid purposes.

Who fills out FAFSA, parent or student? ›

After logging in, you'll be given the option to select your applicable role to fill out the FAFSA form: “Student” or “Parent.” You (the student) should select “Student.” If a parent wants to start their dependent child's FAFSA form, they should select the “Parent” option.

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

Dependent students will need to provide financial information of their FAFSA parent(s) and their spouse, if applicable. Independent students, if married, will need to provide their spouse's financial information. This will be reported in the student's financial section.

The type and amount of financial aid you can get will depend on the income you and/or your parents have to help pay for college. To determine if your parent's income is included, you will need to determine if you are a dependent or independent student under FAFSA rules.

So even if you aren't eligible for need-based aid or other financial aid based on your parents' income, you may still gain access to loans and grants simply by filling out this document. In fact, the Department of Education has made clear there are no upper-income limits for financial aid.

Federal law assumes that the parents have the primary responsibility for paying for their children's college education. In fact, parent contribution is the primary method most students use to pay for college.