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In general, with the student not working and in a home with mom and dad both working, what is the maximum income they can earn and still qualify for financial aid?
— Tracee N.
Federal student aid is awarded based on the student and parent income
and assets, household size, number of children in college and a
variety of other factors. It does not, however, have any explicit income
cutoffs on need-based aid eligibility.
The number of children in college can have a big impact on aid
eligibility. The Free Application for Federal Student Aid (FAFSA) is
used to calculate the Expected Family Contribution (EFC), a somewhat
harsh measure of the family's ability to pay for college. The EFC is
the sum of a student contribution and a parent contribution. The
parent contribution is roughly divided by the number of children in
college. So if the number of children in college increases, it can
significantly cut the EFC and thereby allow a family to qualify for
student aid despite having a higher income.
It is important to apply for financial aid every year even if you
didn't qualify for grants last year. Suppose you apply for financial
aid for your freshman year in college and don't qualify for any aid because
you are the first in your family to enroll. If
you give up and stop submitting the FAFSA, you might miss out on a lot
of financial aid in a subsequent year when you and one or more
siblings are enrolled in college at the same time.
For example, 95.9% of Pell Grant recipients in 2011-12 had an adjusted
gross income (AGI) of $60,000 or less, and less than 1% had an AGI of
$100,000 or more. But for families with two or more dependent
children in college at the same time the percentages drop to 84.4%,
13.5%, 1.3% and 0.8%, respectively. With three or more children in college the
percentages drop to 77.2%, 18.8%, 2.7% and 1.3%, respectively. Thus with more children in
college at the same time, your chances of qualifying for the Pell
Grant increase.
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But even if you don't qualify for a Pell Grant it is still worthwhile
to submit the FAFSA. The unsubsidized Stafford loan and the PLUS loan
are available without regard to financial need. You can be extremely
wealthy and still qualify for these loans. The Hope Scholarship tax
credit is available to families with income up to $90,000 (single
filers) and $180,000 (married filing joint).
Note that student employment can have a big impact on aid eligibility,
especially for independent students. A portion of student income is
sheltered from the financial aid formula, but as much as half of
income above this income protection allowance will be counted as part
of the EFC.
My parents don't have a Social Security Number. Is it possible for
me to submit the Free Application for Federal Student Aid (FAFSA) and
qualify for federal student aid?
— Michelle G.
To be eligible for federal student aid, you must be a US citizen or
permanent resident (green card holder). There are also a variety of
types of noncitizens who are eligible for federal student aid, such as
citizens of the Freely Associated States, the Federated States of
Micronesia and the Republics of Palau and the Marshall
Islands. Individuals who have been granted asylum or refugee status
and victims of human trafficking are eligible for federal student aid.
Your parents, however, do not need to be US citizens or permanent
residents. They can be foreign nationals or even undocumented. If your
parents do not have a Social Security Number, use 000-00-0000 on the
FAFSA where it asks for the parent's Social Security Number. Do not
use a Taxpayer Identification Number (TIN).
If your parents are not US citizens or permanent residents, they will
be unable to borrow from the PLUS loan program. In that case you will
be eligible for increased unsubsidized Stafford loan limits, the same
limits that are available to independent students.
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