Close

06/07/2021

Do I qualify for need-based financial aid?

Do I qualify for need-based financial aid?

Expected family contribution or EFC is the minimum amount a family is expected to pay toward the cost of college, and is primarily based on the assets and income of the parents and student. If a student’s EFC is less than a college’s cost of attendance then the student qualifies for need-based financial aid.

Can you file Fafsa as an independent?

You can’t be considered independent of your parents just because they refuse to help you with this process. If you do not provide their information on the FAFSA form, the application will be considered “rejected,” and you might not be able to receive any federal student aid.

How do I regain financial aid?

In most cases, you need to repay the excess loan amount to regain your financial aid eligibility. You can pay it back all at once, or, if doing so would be a hardship, you can set up a repayment plan. Once you’ve repaid the amount, you will be able to get federal aid.

How can I get more financial aid money?

File the FAFSA to Get More Money in College

  1. File the FAFSA early.
  2. Minimize income in the base year.
  3. Reduce reportable assets.
  4. Save strategically.
  5. Spend strategically.
  6. Coordinate 529 college savings plans with the American Opportunity Tax Credit (AOTC).
  7. Maximize the number of children in college at the same time.

Why parents should not pay for college?

Here are some reasons parents shouldn’t help pay for college: Students learn more responsibility and gain more real life skills. Students remain more focused on education rather than party life. Students learn the value of money and are therefore more prepared when they hit the “real world”

Is it parents responsibility to pay for college?

Parents do not have a legal duty to pay for their child’s college—with one exception. When it comes to the Free Application for Federal Student Aid (FAFSA), the Department of Education assumes that a dependent student will have the financial support of his or her parents.