What is the average income to receive financial aid?

Question

Like if my parents make about $ 37,000 a year, do I still qualify for financial aid.

Answer 1

Your eligibility for Financial Aid is determined not by your income (exactly) but by something called an Expected Family Contribution (or "EFC"). Parent income is only ONE of MANY factors taken into consideration in this calculation. Other factors include parent/student assets, the number of people in your household, the number of college students in your home, your untaxed income, and so on... For example, some families have $0 in income but a lot of retirement savings or perhaps social security benefits and, as a result, are sometimes ineligible for federal grant aid. Because of this, I would highly recommend getting an estimate of your EFC. To do so, check out the following website: http://www.finaid.org/calculators/finaidestimate.phtml

That said, technically, just about any income level can receive at least SOME financial aid. People with millions of dollars and EFCs of $99,999 (which is as high as it gets) can still receive Unsubsidized Stafford Loans and PLUS loans, which aren't need-based.

In order to be eligible to obtain a Pell Grant, your EFC must be $3,850 or lower. If all your parents have is $37,000 in income (if they have no assets) and you, the student, don't have any income/assets either, you should be right on the cusp of Pell eligibility, which means you'd probably get a small Pell Grant and any other need-based aid that your school has to offer (such as Stafford Loans, Perkins Loans, FWS, and SEOG, if they have an allocation of campus-based aid).

If you really want to be prepared, do the following;
1. Browse this site -- http://www.finaid.org -- it offers a wealth of Financial Aid knowledge
2. Estimate your EFC
3. Contact prospective schools to see (a) what types of federal aid they administer [since not all schools can adminsiter all types of aid] and (b) whether they also offer merit- and/or need-based scholarships/grants of their own

Far too many students assume that, just because they show a lot of financial need, their education will be financed by the government or by their school. This CAN be true but often isn't. The same student can apply to several schools and receive very different aid packages. So, once you know what types of aid are available to you, you will know what else you need to do to make higher education possible.

Answer 2

You are eligible for financial aid regardless of income - as long as you complete a FAFSA and are otherwise eligible (in a degree-seeking program, not in default on a student loan, etc.) The financial aid might be only loans.

To be eligible for need-based grants a family with $37,000 may be eligible depending upon things like the number of people in the family, number of people in college, assets and your own income.

Answer 3

It would depend on a lot of things such as your age, income, dependency on parents, number of children in family, your income, other income, stocks, bonds, etc. For the best answer and results contact Financial Aid at the college you wish to attend. They can also help in finding Grants, Loans and Scholarships.

Answer 4

Most of the scholarships base on acedamic back ground not on financial status. visit www.admissionglobal.com

Answer 5

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