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FAFSA Income Limits 2024: Navigate Eligibility with This Year’s Threshold

According to the National College Attainment Network (NCAN), only 58.6% of the high school class of 2022 filed a FAFSA.

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FAFSA Income Limits 2024
FAFSA Income Limits 2024

FAFSA Income Limits 2024: Financial aid resources like grants and loans can only be accessed by completing the Free Application for Federal Student Aid (FAFSA).

Many students still skip this important step, potentially missing out on significant funding opportunities.

According to the National College Attainment Network (NCAN), only 58.6% of the high school class of 2022 filed a FAFSA.

Due to incomplete FAFSAs, a large number of students are not taking advantage of potential financial aid, as NCAN estimates that around $3.6 billion in Pell Grant funding goes unclaimed.

Students often don’t file the FAFSA due to the misconception that their family income is too high to qualify for aid. However, there are no specific income limits for the FAFSA.

Please submit the application regardless of your family’s income as you may still be eligible for valuable financial assistance.

FAFSA has no income limits, and federal financial aid is not capped based on income.

Students must complete the application

Applicants must meet certain basic requirements, such as being a U.S. citizen or eligible noncitizen, having a valid Social Security number, and enrolled in an eligible degree or certificate program.

The government will send you a Student Aid Report (SAR), which includes your Expected Family Contribution (EFC).

It is not the amount you have to pay; rather, it is used by schools to determine your eligibility for financial aid.

In general, a smaller EFC means a higher likelihood of receiving financial aid because it determines what portion of the total cost of attendance will be covered by grants or other need-based aid.

For students and their families, completing the FAFSA is the gateway to financial aid for higher education.

Regardless of your family’s income level, completing the FAFSA and exploring financial aid options is worth your time.

Your educational journey could be made more enjoyable if you take advantage of potential funding

Also Read: Medicaid Income Limits 2024: Highest Income to Qualify Revealed

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