People often ask “what is the annual FAFSA or CSS Template income limit still makes my student to receive college financial aid?” This is a logical question, right? The IRS uses all kinds of income for tax purposes. Loan companies have income to lend money. Colleges have a grade point, ACT, or sat goals for the grant money. So what is the income limit for getting college financial aid?
There is none. There are no income limits for college financial aid.
College financial aid is very complex calculation that utilizes student and parent income, the number of college students, the cost of college, taxes paid, and a whole host of other information to determine what a student is eligible for. There are no hard and fast rules that say one family will receive $ 5,000, but the family make X number of dollars more will get nothing. In fact, I’ve seen situations where a family with income of $ 70,000 a year received no financial assistance from the university, but the family making $ 200,000 had a really good chunk of money. The money a student is granted subject to specific aspects of individual family student.
Now there are some pieces of financial assistance have EFC (expected family contribution) restrictions attached to them, such as Pell Grants, SEOG grants, and certain subsidized loans. But EFC and earnings are not directly correlated. There are also some individual colleges and universities that have their own internal policies accounted for by specific income levels, but that individual policies are not universal by any means. For example, Harvard University will cover the total cost of college for a student whose families make less than $ 60,000 a year. But again, this is specific to Harvard. Also, students whose families make more than $ 60,000 will be eligible for a considerable amount of financial aid specific to individual circumstances.
Do not get hung up on any income limits. To complete the financial aid paperwork. If you’ve heard of some income limit above which students do not get any help, then your listeners useless rumor and inuendo.