Are there certain income levels that are used in deciding financial aid from a FAFSA?

Update:

When I filled out my FAFSA for 19/20 I used my 17 tax return, which was higher than 16 and 18. I'm currently unemployed and in need of at least the same amount of aid I've received previously to be able to stay enrolled in courses. Would I be wasting my time with an appeal if my income from 2017 was a penny over a certain number?

Update 2:

I'm an independent student.

4 Answers

Relevance
  • nancy
    Lv 7
    6 months ago

    There are a number of factors beside income that go into the formula for calculating the EFC (the number that determines your eligiblity for grant aid). For example, the number in the household, the number in college, assets, child support received or paid, contributions to retirements funds, where you live, taxes you paid, whether there is one wage earner or two, etc. Because the amounts for each of these things can influence the outcome, there is no specific income levels that are used to decide financial aid. For example, two families could have the exact same income, but if there are more members of the household in one family, then the eligibility for aid could be very different. The purpose of the FAFSA is to determine the parent's ability to pay for college, and a lot of factors beside income can influence that, so there is not hard and fast cutoff in terms of income.

  • di
    Lv 4
    6 months ago

    https://studentaid.ed.gov/sa/fafsa/next-steps/how-...

    This shows EXACTLY how the information on the FAFSA is used, in conjunction with tables approved annually by Congress, to calculate the EFC. The table titled "income protection allowance" is the foundation of the formula.

    After the Central Processor does their calculations based on 2017, you can request your school to adjust the information to updated information - usually called "Special Circumstances", and it's entirely the school's decision.

  • 6 months ago

    Why did you use 17 instead of 18? See if you can amend the application. They may not accept it with an old tax return anyway. They take many factors into consideration, including whether you have any dependents, your living expenses, etc.

    • di
      Lv 4
      6 months agoReport

      the current FAFSA, 2019-2020, uses 2017 year income - this changed a few years ago from prior year income to "prior-prior".

  • 6 months ago

    much more than income ... family assets are also considered. and the details are, afaik, a secret

Still have questions? Get your answers by asking now.