If your family is bankrupted does financial aid pay for all your expenses for college?

Question

If your family is bankrupted does financial aid pay for all your expenses for college?

Answer 1

Not necessarily.  

Financial aid is based on income, not debt.

Answer 2

No. Government aid is based on income, you can be bankrupt and still have  good income. Any aid beyond government will come from the school itself and will often depend on your grades and scores.

Answer 3

Financial aid is a package.  Some of what they will offer you is free money (grants).  But other parts of the package are work-study and loans.  So financial aid might cover all of your tuition, but most likely that will include loans.  That means you'll have to pay back a lot of the money later.