The FAFSA has no income limits, so you should complete the form each year you’re in college in order to be eligible for federal financial aid.
The Free Application for Federal Student Aid, or FAFSA, is one of the most important forms you’ll need to fill out when you’re applying for college. Submitting the FAFSA helps schools determine whether you qualify for federal financial aid. The good news is there are no FAFSA income limits. As long as you’re considered an eligible student, you can complete the FAFSA — regardless of your income level.
Keep reading to learn more about what types of financial aid are available to help cover educational expenses, how financial aid is calculated, and what to expect after you complete the FAFSA.
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No, there aren’t any FAFSA income limits. Even if you think you or your parents make too much money to qualify for financial aid, it’s a good idea to complete the FAFSA each year you’re in school. Most people can qualify for some sort of financial aid. And the FAFSA isn’t just for federal aid. Schools generally rely on the FAFSA when making school-level grant and scholarship decisions, so if you don’t complete the form you may not get any aid.
As you’re completing the FAFSA, you’ll need to be aware of multiple application deadlines: federal, state, and college.
These are the FAFSA application deadlines for the 2022-23 academic year:
Since financial aid is limited, it’s important to complete your FAFSA as soon as possible to make sure you have the best chance of qualifying for aid.
Financial aid comes in many different forms. Some types of financial aid you may qualify for include:
If you’ve exhausted your federal financial aid options, Credible lets you compare student loan rates without affecting your credit.
After filling out the FAFSA, you may be offered either need-based or merit-based aid.
Need-based aid is based on a student's financial need. For example, you may be awarded a grant if you or your family make below a certain amount. Examples of need-based aid include Federal Pell Grants, some state grants, and federal work-study programs.
Merit-based financial aid is offered based on student achievements, whether that’s academic, athletic, or artistic. You or your family’s income or financial need isn’t taken into consideration. Scholarships are an example of merit-based aid.
The FAFSA helps schools determine your level of financial need and the type and amount of federal aid you might get. Financial aid is determined by calculating your expected family contribution, or EFC, against the total cost of attendance at your school. The EFC formula is used to determine how much your family may be able to realistically contribute to your tuition.
Types of income that are included in the FAFSA calculation include:
Types of income that aren’t included in the FAFSA calculation include:
After submitting your FAFSA, the U.S. Department of Education will process your application within three to five days if you filed it electronically, and within seven to 10 days if you mailed it in.
Once your FAFSA application is processed, you'll receive a copy of your Student Aid Report, or SAR, which is a summary of the information you submitted. The SAR also includes your EFC. Review the SAR and make sure all the information is correct — if not, make corrections as soon as possible. Then your SAR will be sent to the colleges you included on your FAFSA application.
Since filling out the FAFSA is the only way you’ll be eligible to receive any financial aid for your education, it’s important to complete it each year that you’re in school.
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