URGENT: How much do my parents have to make in order for me to be eligible for financial aid?

Question

They say it's around 50,000 for all of us. 3 people in our household.

Can someone give me minimums and maximums? Thanks.

Answer 1

There are no minimums or maximums, no "cutoff" or magic number. A student's eligibility for all federal financial aid (as well as most state and institutional aid) is determined based on a detailed formula called "Federal Methodology." This formula takes into consideration much more than income -- for example, it looks at # in household, # in college, parents' ages, academic program, state of residence (to an extent), and amount in savings/checking/investments. It also takes your (the student's) income/assets into consideration.

We don't simply say, "OK, everyone with $50,000 in income will have a $10,000 EFC and get $3,500 in aid." $50,000 income, for one student, could mean a full Pell Grant while, for another student, $50K income could get them nothing but an Unsubsidized Stafford Loan. Beside income, parents' assets and student income are often a key factor.

The formula is long and would probably bore you to tears, but it's in the public domain so you can view it here:
http://ifap.ed.gov/efcinformation/attachments/0708EFCFormulaGuide1120.pdf

Now, you've probably heard about schools like Harvard, Yale, etc who offer to meet full need for students with incomes of $60,000 (or something like that) or less. These programs are (bold) initiatives that the colleges themselves have undertaken. These programs require a large financial committment on the college's part; federal funding only scratches the surface and -- I assure you -- the actual income of applicants is looked at very closely.

All in all, I would encourage any applicant to apply, regardless of what they think they're eligible for. Many applicants are surprised to find that they qualify for aid (if not federal grant aid, then scholarship funding from their school).

Answer 2

There is no minimum or maximum for financial aid. It will depend on your age, finances, school, program, etc. Sadly, the federal form is very intrusive, but a necessary evil. Fill out every form given to you & bug the financial aid office if you don't understand something. Don't lose hope because financial aid isn't just scholarships, grants, & loans. Many schools have programs that put you to work somewhere on campus to help cover your education. If for some reason financial aid doesn't pan out, don't be afraid to go to a local school part or full time & work a full time job to save up enough to finish your education & become old enough that you are independant from your parents. Good luck!!

Answer 3

trick is if u can secure alot of merit based aid, they'll be generous w/ the need based too.