FAFSA and higher income earners

What is the fafsa? When should I apply for financial aid?

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FAFSA and higher income earners

Postby strategicthinker » Sun Jan 08, 2012 12:30 pm

My son starts college i the fall this year. My AGI is North of $100K with the 401k and IRA maxed out. My cash assets are a bit south of $100K. Will my son qualify for any FSA at all ? He will be 18 in August this year.
I am salaried and do not wish to do anything unethical. He has also been awarded a Merit scholarship pf $10K approx per year which will cover the tuition due to his excellent academics.
Any advice ?
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Re: FAFSA and higher income earners

Postby Aid Whiz » Fri Jan 13, 2012 10:43 am

Most, if not all, students who file the FAFSA are at least given the option to take out unsubsidized stafford loans. Grants and subsidized stafford loans are based on need. Parents also have the option of taking out Parent PLUS loans on behalf of their college student. So while your need-based options are most likely minimal, there are still federal loan options available to you. Even if you don't think you will get any aid, you won't know for sure until you file your FAFSA.

There is an option to estimate your aid using the FAFSA4Caster, which would give you a general idea of what your options will be.
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