Ask Cappex: Do My Parents Make too Much Money for Financial Aid?
Our college expert Mark Kantrowitz answers your questions about college and financial aid.
Q: My parents are well off financially. Does this disqualify me from receiving financial aid?
A: It's difficult to predict who will qualify for financial aid since there are a lot of subtle factors that influence whether a student qualifies for need-based financial aid. For example, the number of children in college, college costs, student income and assets and parent income all have a big impact on aid eligibility.
Also, students must file the FAFSA to qualify for low-cost federal education loans, like the unsubsidized Federal Stafford Loan and Federal Parent PLUS Loan, which do not depend on income or financial need.
Accordingly, every student should file the FAFSA every year, even if all they got last year was student loans.