Should you accept more financial aid than you need?
Borrow only what you need! If your living expenses are not going to be as high as the amount estimated by your school, you have the right to turn down the loan or to request a lower loan amount. Your school will tell you how to do this in the aid offer.
Any money left over is paid to you directly for other education expenses. If you get your loan money, but then you realize that you don't need the money after all, you may cancel all or part of your loan within 120 days of receiving it and no interest or fees will be charged.
While accepting scholarships and grants is often harmless, you should be careful about how much you accept in student loans. While borrowing money is often necessary for many students, borrowing more than you need can wind up costing you a lot more in the long run.
No matter how much aid you're offered, it is always up to you to decide how much of a student loan you want to accept. The rule of thumb is that you should only borrow as much money as you absolutely need to pay for the school year. You can always tell your school that you want to borrow less than what is offered.
If you've exhausted other options and still need additional funds to help you pay for school, contact your school's financial aid office to find out if you're eligible for additional federal student loans. Just remember to borrow only what you need to pay your educational expenses.
Students often skip filling out the FAFSA because they think their families make too much money to qualify for aid. However, there are no FAFSA income limits, so you can submit it—and potentially get valuable financial aid—regardless of your family's earnings.
| Amount | |
|---|---|
| Dependent Students | $31,000 (no more than $23,000 subsidized) |
| Independent Students | $57,500 (no more than $23,000 subsidized) |
| Graduate Students | $138,500 (no more than $65,500 subsidized) |
Which loan should I accept? Given the option, you should accept a Direct Subsidized Loan first. Then, if you still need additional financial aid to pay for college or career school, accept the Direct Unsubsidized Loan.
A student who has an overpayment of an FSA loan or grant loses eligibility for FSA program aid but may re-establish eligibility by repaying the excess amount or making arrangements satisfactory with the school (optional) or Department to pay the excess amount.
After Your Loan Is Disbursed
You have the right to turn down a loan or to request a lower loan amount.
Is 70k too much for FAFSA?
There are no income limits on the FAFSA. Instead, your eligibility for federal student aid depends on how much your college costs and what your family should contribute. Learn how your FAFSA eligibility is calculated and other ways to pay for college if you don't qualify for federal student aid.
But you might be surprised to learn that there are no FAFSA income limits to qualify for aid. For example, a family with a household income of hundreds of thousands of dollars could be helped by other factors in the FAFSA formula, including school costs and the number of siblings also attending school.
The average percentage of need that the school meets is 86 percent, which is very good. The average aid package is $29,916 for a school where tuition and room and board totals $40,580. The average need-based grant is $28,448.
Affluent students get more school aid compared with students with financial need because colleges are actively pursuing them, experts say. Schools are offering non-need-based merit aid in order to attract students with wealth, especially if they're high-performing.
In our work with families in recent years, the typical increase in scholarship aid we have seen students receive when they go back to ask for more is in the range of $2,000-$5,000 per year.
Over 17.6 million FAFSA forms are completed each year, according to the Department of Education. However, some of the available money is handed out on a first come, first serve basis. So, it's a good idea to file your application sooner than later to help pay for your education.
Even if your family makes multiple six figures a year, you can still get financial aid. That said, not financial aid is created equal. Ideally, you want free money, or grants not loans. Despite earning a six-figure household income, many parents struggle to pay for their children's education without going into debt.
In conclusion, even with a household income of $100,000, it is still possible to receive financial aid. To maximize your chances, ensure that you apply for as many different aid programs and scholarships as possible, both at the college level and from outside sources.
Pell Grants are grants awarded by the federal government to help students pay for college. While there is no specific income limit for a Pell Grant, students generally must demonstrate “exceptional financial need” to qualify.
You can receive the Pell Grant for no more than 12 terms or the equivalent (roughly six years). This is called the Federal Pell Grant Lifetime Eligibility Used (LEU). You'll receive a notice if you're getting close to your limit. If you have any questions, contact your school's financial aid office.
How much is a Pell Grant 2024?
Award amounts can change yearly. The maximum Federal Pell Grant award is $7,395 for the 2023–24 award year (July 1, 2023, to June 30, 2024). The maximum Federal Pell Grant award is $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025).
It is not the financial aid itself. However, the FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid. There are three main types of financial aid.
Students with unsubsidized loans do not get any breaks and interest starts to accrue as soon as the loan is paid out. Ultimately, it's best to use subsidized student loans if you qualify, as you will pay less over time than with unsubsidized loans.
That said, if you do decide to take on federal loans, it's generally wise to accept subsidized loans first because they offer more benefits in the form of government interest payments. Unsubsidized loans, on the other hand, put you on the hook for all of the interest that accrues on the loan.
Student loan refunds
Sometimes, students may end up borrowing more than needed. If this happens, the student will receive a refund. You must cancel all or part of your loan within 120 days of receiving the loan in order to have no interest or fees attached.
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