Exactly how poor do you have to be to qualify for federal financial aid for college?
I’m not even trying to be offensive. The only people I know who ever qualified for financial aid came from single family homes in which the parent was on disability or welfare. I am certainly not rich (or able to pay for college out of my pocket), but my husband and I are both gainfully employed. I’ve known many many people who were struggling financially, living in modest homes, etc. and they did not get one penny of financial aid because the government said they made too much money. What the heck.
Are my chances for financial aid almost zero?
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Tagged with: disability • education guide • Financial Aid • free education • much money • single family • welfare • what the heck
Filed under: College Aid
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af:
If I can, I’d like to correct a significant mis-impression that you have about the financial aid system – it is not true that you must be "poor" to qualify for financial aid. If and when Bill Gates’ eldest daughter, Jennifer, applies for financial aid, even she will qualify for aid.
What you’re asking is "what are the circumstances under which an aid application receives free money from the government?", and that’s an entirely different question.
As you have correctly recognized, the Federal Student Aid system only provides free college money to the most economically disadvantaged families – just like food stamps and TANF and WIC, and other means-tested benefits programs. Free money for college is that type of program.
However – the US Department of Education does provide financial aid to tens of millions of students every year – in fact, the vast majority of all US college students receive one or more forms of federal financial aid.
For most students, that aid takes the form of access to the government’s outstanding educational lending programs. Before you object that a loan isn’t financial aid, I’ll remind you that the financial aid system is designed with the underlying premise that the student and the student’s family are primarily responsible for paying the cost of the student’s own (optional) higher education. Even the poorest families – the ones that receive some "free money" help – are expected to supplement that aid with borrowing. Almost no one gets a "free education".
Remember, also, where the money for financial aid comes from – like all other government programs, the funds come from you and your fellow taxpayers. When you’re trying to figure out why you’re only eligible for certain types of aid, don’t forget to ask yourself if the taxpayers of this country have an obligation to pay some of your college expenses for you.
Why are the loan programs so great? If you’ve ever tried to get a loan – of any type – from a lender, you should already know the answer to this question.
When you apply for a Stafford loan, you will not have to answer questions about your income, your assets, your debts, or your credit history. Your application will not require a cosigner. The interest rate on your loan is a low 6.8% that is fixed for the life of the loan – it won’t go up and down with the stock market, or the price of oil or pork bellies. Your payment obligation doesn’t begin right away – it begins 6 months after you leave school. If you experience financial hardship during the repayment period, you will be entitled to a temporary postponement of your payments.
As an independent aid application (you’re married), you will be able to borrow up to $9500 for your first year of school, then $10,500 in your second year and $12,500 in both your junior and senior years.
The idea behind the loan programs is that the government can provide you with a way to learn now and pay later. The loans will enable an education, the education will enable a good job, the good job will provide a better salary, and the salary can be used to repay the loan. In other words, the loan is an investment that you make in your own future.
Just like you don’t want to be considered "offensive" for asking why only some people seem to get financial aid, I don’t want to be considered offensive for pointing out that the government is ready, willing and able to provide you with self-help to pay for your own college expenses. Two-thirds of all aid applicants are offered nothing but these great loans – when you complete the FAFSA, you’ll find out if you’re one of that group, or one of the more disadvantaged families that will require other forms of need-based financial aid.
Good luck.
It is easy enough to fill out the application online to find out. Do you have dependents? If both your husband and you are employed full time and are financially okay and do not have kids then you may not qualify or you may, but may still have out of pocket expenses.
My husband and I are both employed full time and at fairly decent jobs in the region of the country we live and I qualify for some financial aid and am going to college full time at the same time I am working full time. If I were you, instead of asking others about it- I would go fill out the forms and find out at: http://www.fafsa.ed.gov
go to fafsa.ed.gov
There you will find your answers.
Good Luck!
Vera
Not only people who come from single family homes get financial aid. It depends on the parents gross income amount and the number of people in the house.
I’d say if you made below 40,000 dollars a year, you could qualify for a pell grant and a subsidized loan.
The first step is to fill out the FAFSA (If you are in the states). You can visit this link http://www.fafsa.ed.gov/faq003.htm which has all of the information on eligibility. As a student, I was eligible for a lot of financial aid and I live with both of my parents and we are not on welfare. There are many factors that they consider. I encourage you to try and file the FAFSA. You’ll never know whether you are eligible for something if you don’t file. If you are a student out of state, there are scholarships offered and grants through the office of international students regardless of your residence status in the U.S. I hope this helps.