Federal Student Aid (2024)

FAQs

Do parents who make $120000 still qualify for FAFSA? ›

There is no maximum income you can have for the FAFSA.

This can happen. The FAFSA relies on two-year-old tax information. Or your family may be facing big expenses that the FAFSA didn't ask about. If your financial aid offer seems way off, contact the college's financial aid office.

But you might be surprised to learn that there are no FAFSA income limits to qualify for aid. For example, a family with a household income of hundreds of thousands of dollars could be helped by other factors in the FAFSA formula, including school costs and the number of siblings also attending school.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college.

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.

Have a high school diploma or a GED certificate. Be enrolled or accepted for enrollment in a qualifying degree or certificate program. Maintain satisfactory academic progress while in school. Not be in default on federal student loans or owe money on a federal grant.

Here are other options you can consider if you didn't receive enough financial aid: searching and applying for scholarships. working at an on-campus part-time job. getting on a payment plan with your school's billing office to help you meet your remaining costs by making several payments throughout a semester.

How can I ask FAFSA for more money? ›

Contact the financial aid office for more aid if it's a needs-based appeal. If it's a merit-based appeal, contact the enrollment or admissions office. Explain that you want to initiate a professional judgment review (or “special circ*mstances review,” as some schools call it).

There are a number of reasons why a student's financial aid may not have been disbursed to their account. They include but are not limited to the following: The student failed to submit all requested documents. The student is not actively enrolled in at least one course (Federal Pell Grant disbursem*nts).

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.

What does verification check? Verification doesn't necessarily check the student's or parent's bank accounts. Rather, the school will ask for documentation to clarify information provided in the form.

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.

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.

Fill out the FAFSA

Should I complete the FAFSA if my parents are rich? It's a legitimate question, and the answer is a resounding yes. You should complete the FAFSA every academic year, wealthy parents or not. You might be surprised and find out you're eligible for aid you didn't think you could get.

Other reasons for financial aid disqualification include: 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.