Federal Student Aid (2024)

FAQs

What to do if your financial aid is not enough? ›

If you think you or your parents make too much to file the Free Application for Federal Student Aid (FAFSA), you're wrong. There are no income limits on the FAFSA. Instead, your eligibility for federal student aid depends on how much your college costs and what your family should contribute.

You could be eligible for as much as $30,000 of aid

In order to receive their share of these funds, students should complete the Free Application for Federal Student Aid (FAFSA). Many students mistakenly believe that they do not qualify for federal aid.

Request a Reevaluation of Your Circ*mstances

Sometimes a family's finances are not accurately reflected on the FAFSA^® form because of changes that have occurred, such as job loss/reduction, divorce or separation, or other special circ*mstances.

For instance, you might no longer meet one of the basic eligibility criteria, or you might have changed majors and no longer be enrolled in a program that makes you eligible to receive a specific type of funding (for instance, a Teacher Education Assistance for College and Higher Education [TEACH] Grant).

FAFSA FAQs

There's no income limit that precludes students from qualifying for student aid, so they should complete the FAFSA, regardless of their family income.

What Are the FAFSA Income Limits for 2024? Both students and their parents often think their household income makes them ineligible for financial aid. However, there's no income limit for the FAFSA, and the U.S. Department of Education does not have an income cap for federal financial aid.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college.

$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

What is the income limit for FAFSA 2024? ›

To qualify for a zero EFC on the 2023-2024 FAFSA, a family with dependent students can't make more than $29,000 annually.

Basically, there is no set income cutoff for aid. If you still think your parents are too wealthy to access financial aid, consider using either the Federal Student Aid Estimator or your school's net price calculator.

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

The 2024-2025 FAFSA includes even more aid for single parents, including expanded eligibility for the maximum Pell Grant funds and a larger increase in Income Protection Allowance (IPA).

Eligibility Requirements. Our general eligibility requirements include that you have financial need for need-based aid, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at an eligible college or career/trade school.

If you don't feel you've been given enough financial aid, you can always ask for more. Maybe your family's finances have changed, or maybe you have a better offer from another school you can use to negotiate. In such situations, you can submit an appeal letter requesting additional financial aid.

You can't receive more need-based aid than the amount of your financial need.