Does anyone know about FAFSA and Married Filing Jointly?

Question

We made about 52K last year. 2 kids. Savings and investments are there, but at a pathetic level for our ages. Anyone know what the chances are of getting financial aid in that situation? Thanks.

Answer 1

You didn't say who is going to college.  I'm highly doubtful you will qualify for much if any in the way of pell grants.  This of course is just a guess because you didn't state your AGI (adjusted gross income, line 37 if you did a 1040).

Complete the FAFSA.  If your EFC (expected family contribution) is higher than say $7500, you would only be eligible for Stafford loans.

Answer 2

Anyone can get financial aid regardless of income in the form of student loans.  Independent freshman can borrow up to 7,500 a year.