Income Eligibility Guidelines For Fafsa

Your family s income taxed and untaxed and current assets.

Income eligibility guidelines for fafsa. So there isn t a minimum or maximum income limit to get financial aid from the fsa. If your family makes between 30 000 and 60 000 per year you can qualify for some funding but likely not the full amount. But there is a cap on the earning technically the lowest threshold of income which means your expected family contribution efc will stand at 0. For tax filers use the student s and spouse s adjusted gross income from the tax return to determine if income is 49 999 or less.

Federal student aid. To be eligible for receiving financial aid. National or permanent resident and have a valid social security number. The exact 2019 20 award amounts based on efc and coa can be found here.

At minimum you must. 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. Similarly even if you re married and your spouse s income is less than 26 0000 annually your efc will be counted as zero. Citizen or an eligible noncitizen including a u s.

Although there are no fafsa income limits there is an earnings cap to achieve a zero dollar efc. If you re a dependent student and your family s annual income if less than 26 000 your efc will be considered zero. Zero efc means that your. The size of your family.

For the 2020 2021 cycle if you re a dependent student and your family has a combined income of 26 000 or less your expected contribution to college. Income tested means that a person must have an income at or below a certain level to be eligible for the aid or to determine customer contribution to aid. But there are no simple income cutoffs on financial aid eligibility in part due to the complexity of financial aid formulas. The cost of attendance of the school s listed on fafsa and the expected family contribution found on the student aid report is what determines the eligibility for financial aid.

However a higher household income means a high expected family contribution. As mentioned above there is no income limit for fafsa this year. Have a high school diploma or ged certificate. Start by reviewing and understanding the basic eligibility criteria for federal financial 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. Workforce solutions uses multiple sets of income guidelines when determining eligibility for our income tested financial aid funds. Unless the parents earn more than 350 000 a year have only one child and that child will enroll at an in state public college they should still file the fafsa as there is a good chance they may qualify for federal state or institutional grants. This ultimately reduces the ect thus the likelihood of receiving financial aid becomes slim.

2 the student s and spouse s combined 2019 income is 49 999 or less.