what is the payout difference in FASFA for school?

Question

From being under 24 vs. over 24? is it a significant difference for financial aid?

Answer 1

The difference is that over 24 (or some other qualifiers) you become an independent student and your parents income is no longer used to calculate your EFC.

Since most 24 year olds make much less than their parents, the EFC drops considerably and you become eligible for much more financial aid.

Answer 2

Coach's answer is right. I was 18 the first time I applied for FAFSA. But, I was also married(with 2 kids), and my husbands income was hardly enough, so I qualified for a PELL, and didn't have to use my parent's income. I started back to school last Fall, at age 29, and applied for FAFSA again, and qualified for a full PELL again. It basically depends on your income from last year's AGI on your tax return(adjusted gross income), and then if you have dependents, etc. to see how much you qualify for. The age (under vs. over 24) is just if your at home and then you enter your parents income on the app.

Answer 3

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Answer 4

Here is a publication from the Dept of Ed. In the back are the max loan amounts you can qualify for as a dependent and independent student.
Also how they determine if you are dependent or independent is included.

Answer 5

Sounds to me like you are referring to the amount of loans you potentially can qualify to recieve for school.

If this is what you mean...age is only one of the factors that determines how much. Take a look at the FAFSA at step 3 and you will see a series of "yes" or "no" questions. If you answer yes to at least one of them, age being one of them, then you are considered an independant student for financial aid purposes.

Independant students - Freshman - can recieve up to $3500 subsidized stafford student loan (gov't pays interest while in school) and can recieve up to $4000 unsubsidized stafford student loan (interest accrues while in school).

Dependant - Freshman - can receive up to $3500 subsidized stafford student loan and their parents can apply for a parent loan to catch the remaining balance. If the parent applies for the credit based parent loan and is denied...then the student will also be eligible for up to $4000 unsubsidized stafford student loans.

This is only for Freshman students...the rates increase for Sophmores and increase again for Junior/Senior students in school.

Hope this answers your question.

Answer 6

not really it`s got to do with any income you received