Federal student aid?

Question

I was sick last year, so only my husband was working. Are adjusted gross income was $41,853 for a family of four. Will I qualify for federal student aid.

Answer 1

That sounds like a pretty high income, but definitely apply anyway. It's almost impossible to know what you're eligible for until you've filed your FAFSA (Free Application for Federal Student Aid). They have some mysterious formula that figures out your EFC (Estimated Family Contribution), or how much they feel you are able to pay.

If you plan to go to school for the Spring 2009 semester, you need to get your FAFSA application in now, if you haven't already! They'll be using your 2007 household income to determine eligibility for the 2008-2009 school year.

Applying this late in the year (FAFSA started taking applications for the 2008-2009 school year back in January) can be risky. Depending on the school's funding and endowment, they might not have much federal money available at this point, but you won't know unless you try.

If you plan to be in school in Fall 2009, you'll need to file FAFSA in January 2009. They'll use your 2008 income to calculate your eligibility for the 2009-2010 school year.

Each year of school, you need to file a FAFSA, and they will use the previous year's income to figure your eligibility.  

Answer 2

Yes, you will.  You will get a Pell grant (free money) of 2,681 for the year (half in the fall and half in the spring) if you attend full time.  You also might qualify for Work Study and Student loans and hopefully free state grant money if you applied early enough.

Good luck.

Answer 3

I think the only way to answer that question is to try and see.  I'm betting that you will get federal aid, though.  Especially since you didn't work.  However, the date for the FAFSA has already passed and you'll have to wait for next year's, which I honestly can't remember when the process starts over again (probably in February though).  You should get some money but probably not a huge amount.  You always have a better chance by applying as early as possible, because it's kind of first come, first serve, in a way.