Even if you think your parents make too much money to qualify for financial aid, you should still fill out the FAFSA. There are certain loans that don’t rely on income such as the unsubsidized Direct Loan and the PLUS loans for parents. And depending on the school, you may qualify for work-study jobs.
Some colleges will not provide scholarship money without the FAFSA and it can also make you eligible for some state aid.
According to Mark Kantrowitz and David Levy in “The Edvisors® Guide to Completing the
Free Application for Federal Student Aid”
So, unless the parents earn more than $350,000 a year, have more than $1 million
in reportable assets, have only one child in college and that child is enrolled at a
public college, they should still file the FAFSA. If the family wants to receive federal
education loans, they should file the FAFSA regardless of their income and assets.
There’s also the unexpected. Should you have a dramatic change in your financial situation, having the FAFSA completed will make it easier to request help from the college.
Remember, FAFSA stands for FREE Application for Federal Student Aid which means you don’t have to pay to file it. Watch out for any scams offering to file your FAFSA for a fee.
More on the FAFSA:
- 3 Reasons You Should Fill Out the FAFSA—No Matter How Rich You Are
- Why You Should Fill Out the FAFSA
- Top 10 FAFSA Myths Debunked
- Myths About Financial Aid