How to Get Financial Aid If Your Parents Make Too Much

"Are you wondering how to get financial aid if your parents make too much? If this question plagues you, you're not alone," according to Student Loan Hero. "'It's definitely something we hear a lot,' said Jill Desjean, a policy analyst for the National Association of Student Financial Aid Administrators. 'A lot of people make an assumption that [their family earns] too much to apply for financial aid.'"

"But even if you think your family won’t qualify for financial aid, Desjean said to go ahead and apply. 'You can be pleasantly surprised,' she said. Here’s why.

Sure, income is considered when the Free Application for Federal Student Aid (FAFSA) pumps out your Expected Family Contribution (EFC) to the cost of college. After all, you supply your parents’ tax returns when submitting your FAFSA.

But you might be surprised to learn that no income cutoff determines your eligibility for aid, said Desjean.

A family with a household income of hundreds of thousands of dollars, for example, could be helped by other factors in the FAFSA formula, including school cost and the number of siblings also attending school.

If you still think your parents are rolling in too much dough, consider using either the FAFSA4caster or your school’s net price calculator.

You can find the latter by Googling, '[school name] net price calculator.' All colleges and universities are required by the federal government to host the calculator on their websites.

With either tool, you’ll punch in basic information about your family’s finances and immediately see how much aid you might be eligible to receive for your cost of attendance."

NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

 

Publication Date: 6/13/2018

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