FAFSA? ---My Parents made $53,000 last year.?

Question

Last year in 2007, my parents made $53,000.

I am a dependent. I am a college sophomore, and my GPA is 3.49

Any idea of how much money FAFSA would give me? (I am talking about receiving grants, NOT loans.)

Answer 1

Your parents EFC depends on how many children they have. Their adjusted gross income on tax returns. If they have savings. Best way to get a rough idea of how much aid you can get would be to use an EFC calculator.

The Pell Grant amount for 2008-2009 is $4700.

Answer 2

My entire time in college, my parents' income never topped $20,000 (my dad was unemployed and my mom was a janitor). That said, going to a State University, I would say grants per year covered half, and the rest I had to take out in loans (although I also used financial aid to pay for rent, books, and living expenses, not just tuition.. grants usually covered my tuition per year).

The poster above is correct, it really depends on many other factors, like, do you go to private school? Do you go to a community college? They will probably not give you in excess for tuition of what your school costs.

You will probably at least get some money, but chances are, it won't cover everything. Good luck!

Answer 3

FAFSA does not give money; FAFSA is merely a financial calculation of your eligibility. The results of the FAFSA are sent to the school and the school makes an award based on the calculation of FAFSA.

That said, your parents' income is only one factor that is considered. There is a lot of information included in the FAFSA that affects the outcome, like family size, home ownership, how many kids in college, recent catastrophic expenses, medical expenses, etc. A lot of things are weighed, so it is not possible to say, based on parental income, what the results will be.

Based on the FAFSA calculation of family contribution and award, the school will cobble together an award package. You will likely be eligible for federal money (Pell grant) and perhaps a state grant, depending on where you live. There may be funds available directly from the university, depending on their set-up. You may be offered a spot in the work-study program.

You will likely have to borrow on the student loan program to make up the difference. That is your choice, but given the options, it's a good choice.