Should I Do FAFSA if My Parents Make 100k?
It’s a common misconception that if your parents make over $100,000, you won’t qualify for financial aid. But that’s not necessarily true. You could receive financial aid, even if your parents make $100,000. The calculation considers other factors in addition to income, such as the size of your family, other family members in school, and the cost of attendance.
The Free Application for Federal Student Aid (FAFSA) is the form used to determine your eligibility for federal student aid. It’s important to fill out the FAFSA even if you think you won’t qualify for aid. You may be surprised to find out that you are eligible for some type of aid.
When filling out the FAFSA, you’ll need to provide information about your parents’ income. This includes wages, salaries, tips, and other income. The FAFSA also takes into account the size of your family and the number of family members in college. It also considers the cost of attendance at the school you plan to attend.
The FAFSA formula takes all of these factors into account and determines your expected family contribution (EFC). This is the amount of money your family is expected to contribute to your college education. If your EFC is low enough, you may qualify for need-based aid.
In addition to need-based aid, you may also qualify for merit-based aid. This type of aid is based on your academic performance and other achievements. Even if your parents make $100,000, you may still qualify for merit-based aid.
It’s important to note that the FAFSA is just the first step in the financial aid process. After you submit the FAFSA, you may need to submit additional forms or documents to your school’s financial aid office. This is to verify the information you provided on the FAFSA.
If your parents make $100,000, you should still fill out the FAFSA. You may be surprised to find out that you are eligible for some type of financial aid. The FAFSA is the first step in the financial aid process, so it’s important to fill it out even if you think you won’t qualify for aid.
August 12, 2022 is the deadline to submit the FAFSA for the 2021-2022 school year. Make sure to submit your FAFSA before the deadline to ensure you don’t miss out on any potential financial aid.
In conclusion, you should fill out the FAFSA even if your parents make $100,000. The FAFSA considers other factors in addition to income, such as the size of your family, other family members in school, and the cost of attendance. Make sure to submit your FAFSA before the August 12, 2022 deadline to ensure you don’t miss out on any potential financial aid.