For example if tuition room and board is 25 000 for suny albany that means they would receive no financial aid. If you re curious how much aid you could get or what you would get for loans you can use the fafsa4caster which can give you an estimate of what your school believes your families efc would be.
So if you are wondering how much income is too much to get financial aid from the fafsa it all depends on the cost of attendance for the school you are applying at versus your calculated epc.
How much money can you make to get financial aid. Plus after that only 50 percent of your non work study income will count against your eligibility to receive federal student funding there are also other types of income that do not have to be counted as income in this calculation. As you can see in the chart income has the largest impact on the amount of financial aid. Obviously if your family makes 100 000 per year and the cost of attendance is 8 000 for the school per year then you likely won t get any need based financial assistance.
The student income allowance is 6 660 for 2019 2020. The efc for the average american household with an agi of 55 000 will often range from 3 000 to 4 000. The financial aid amount you can receive from filing your fafsa is equal to your college s cost of attendance which includes tuition room and board books and other necessary expenses.
Families with adjusted gross incomes agi of 25 000 or less have an automatic efc of 0. Currently the fafsa protects dependent student income up to 6 660. The odds of receiving a federal pell grant decrease with increasing income as shown in this chart.
In other words it s possible to receive a financial aid package that covers everything you need to pay for college although that s not the most likely outcome for most students. The same goes if you as an independent student and your spouse earn no more than 26 000 annually. Other common sources of uncounted income include.
For the 2020 2021 cycle if you re a dependent student and your family has a combined income of 26 000 or less your expected contribution to college costs would automatically be zero. If a married couple has 150 000 in agi but has no assets their efc is already 29 265. In short everyone should fill out the fafsa every year regardless of parental or personal income.
An efc of zero means that the financial aid formula has determined that the family cannot afford to pay anything towards college. For parents the allowance depends on the number of people in the household and the number of students in college. Based on data from the national postsecondary student aid study npsas more than 94 of federal pell grant recipients in 2015 16 had an adjusted gross income agi under 60 000 and 99 9 had an agi under 100 000.
For 2019 2020 the income protection allowance for a married couple with two children in college is 25 400.