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.

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.

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.

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.

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.

What is the highest income to qualify for financial aid? ›

Did You Know? 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 for 2024? Both students and their parents often think their household income makes them ineligible for financial aid. However, there's no income limit for the FAFSA, and the U.S. Department of Education does not have an income cap for federal financial aid.

There are a few common reasons why the Federal Processor will reject an application: Missing signatures, inconsistent marital status with income, taxes paid are equal to or higher than adjusted gross income, citizenship questions are blank, marital status and family members blank, etc.

It determines eligibility for federal need-based grants, including the Pell Grant and Federal Supplemental Educational Opportunity Grants (FSEOG); subsidized federal student loans, which are based on need; unsubsidized federal student loans, which most students qualify for regardless of need; federal work-study; state- ...

There are no income limits to apply, and many state and private colleges use the FAFSA to determine your financial aid eligibility.

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.