Federal Student Aid (2024)

FAQs

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

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.

For instance, you might no longer meet one of the basic eligibility criteria, or you might have changed majors and no longer be enrolled in a program that makes you eligible to receive a specific type of funding (for instance, a Teacher Education Assistance for College and Higher Education [TEACH] Grant).

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.

Don't forget to look at your own finances. While you may not have as much in your savings account, student assets are weighted more heavily (20% for the FAFSA), so these must be reported, too.

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. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

Basically, there is no set income cutoff for aid. If you still think your parents are too wealthy to access financial aid, consider using either the Federal Student Aid Estimator or your school's net price calculator.

Eligibility Requirements. Our general eligibility requirements include that you have financial need for need-based aid, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at an eligible college or career/trade school.

According to the office of federal student aid, some applications can be denied because applicants did not meet the basic eligibility requirements. These include: Having demonstrated financial need for need-based federal student aid programs. Being a U.S. citizen or an eligible non-citizen.

Some types of information that might be verified include income, taxes, education tax credits, child support, high school completion status or number of members in your household. You can reduce the chances of a verification by importing information from your FAFSA directly from the IRS's data retrieval tool.

What does FAFSA not look at? ›

Assets that are not counted by FAFSA when determining your SAI include: 401(k) and Roth and traditional IRA accounts (though withdrawals from Roth IRA accounts will be counted as untaxed income) Cash values of whole life insurance policies and qualified annuities. SIMPLE, KEOGH, and pension plans.

Below a 2.0 GPA. Less than a 67% Pace of Progression. BA/BS Degree completed. Not eligible for grants.

Cars, computers, furniture, books, boats, appliances, clothing, and other personal property are not reported as assets on the FAFSA. Home maintenance expenses are also not reported as assets on the FAFSA, since the net worth of the family's principal place of residence is not reported as an asset.

Depending on your financial situation, you may be able to skip certain questions regarding income and assets. Skipping questions won't impact your eligibility for federal student aid, but it might affect eligibility for certain state-specific aid.

This is question 90 on the Free Application for Federal Student Aid (FAFSA^®) PDF. the number of people (not your children or spouse) who live with you and receive more than half of their support from you and will continue to receive more than half of their support from you between July 1, 2023, and June 30, 2024.

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

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.

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.

You can likely qualify for aid even if your parents earn a high income, but even if you don't, you aren't out of options. Weigh each one, adjust as you go, and know it's all part of the process.