What is income limit for financial aid for college?

Discussion in 'Grants For College' started by Samuel, Aug 8, 2016.

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  1. Samuel

    Samuel Newbie

    What is the income limit for financial aid for college. I am thinking about going to college and am earning nothing at the moment. My parents are on a very low income. If you combine both their earnings the household earnings are 26,000 dollars which doesn't stretch very far let alone a college degree. My parents have worked hard all their lives and saved for retirement and I don't want to use their savings to fund my college degree. Instead I wanted to apply for college aid based on my zero earnings and my parents low earnings. So does anyone know the income limit for financial aid for college.
    Alistair likes this.
  2. Alistair

    Alistair Newbie

    There is no income limit for for financial aid for college. This is because the Federal Student Aid depends on many things such as parent income, assets, household size, number of children in college. The number of children in the household who are already in college has a large effect on eligibility.

    A Student on an expensive college degree where the parents are on a relatively high income will be eligible for Federal Financial Aid. Moreover, a student on an inexpensive college degree where parents are on a low income might not be eligible. It all depends on the relative cost and relative income to determine eligibility.

    Its important to apply for Federal Student Aid every year even if you think you might not be eligible. Even if you don't qualify for a Pell Grant you should still submit an application to FAFSA. You can also apply for the Stafford Loan and PLUS loan without eligibility depending on your financial need. You could even apply for scholarships if you come from a wealthy family, the Hope Scholarship offers money to families with income up to $90,000 dollars for single parents and $180,000 for married families.

    There is no way to determine whether you are eligible or not. If I were you I would submit an application to FAFSA and apply for the PELL and Stafford Loan to see if you are successful. Hope this helps.
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