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What is the maximum family income cutoff for financial aid?

April 26, 2017cutoff family financial aid income maximum

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What is the maximum family income cutoff for financial aid?

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There is no specific cutoff. Each family’s financial situation is different.

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There is no specific income cutoff. The formula (Federal Methodology) used to analyze the data on the FAFSA takes into account the family’s adjusted gross income, nontaxable income, taxes paid, assets in some cases, number of household members, number of family members in college, age of the older parent to determine how much the family should be saving for retirement, etc. The formula makes an allowance for the family’s basic expenses of shelter and food, state and local taxes paid, etc.