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The Free Application for Federal Student Aid, better known as the FAFSA, has long been due for an update. ... and the family’s adjusted gross income and how it compares with the federal poverty ...
The expected family contribution (EFC), which determines your financial need based on household income, family size and cost of attendance, will be replaced with the Student Aid Index (SAI).
Family income below $40,000: $1,500 per year; family income $40,000 to $80,000: $2,500 per year; family income above $80,000: $3,500 per year. [69] Rice University: Students with a family income below $60,000 will not have loans. Families with incomes over $60,000 will have their loans capped at about $14,500. University of Virginia
Keep in mind that if your modified adjusted gross income (MAGI) exceeds $146,000 for heads of household or $230,000 for married couples, you will be subject to reduced annual contribution limits ...
Income Protection Allowance: The federal government provides an income protection allowance based on the size of the household and the number of family members attending college. This allowance ensures that a portion of the income is not included in the EFC calculation, providing some relief for families.
The original FAFSA form had 108 questions, which was a significant barrier for many low-income families seeking financial aid. [22] The questions were broadly seen as excessively detailed and unnecessarily complicated, with students being required to dedicate several hours to completing their application.
Parental income and assets are required with your FAFSA if you are a dependent student. Some schools may offer a dependency override that rules out any income from parents when you meet certain terms.
To file their FAFSA. The maximum FSEOG is $4,000 a year and the amount applicants are eligible for is at the discretion of the college. To obtain the FSEOG, the student must accomplish and submit the Free Application for Federal Student Aid (FAFSA). [1]