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How does family income affect your financial aid?

The rule of thumb says that the higher your family income is, the less financial aid you will get. However, this equation is not entirely correct. Yes, your Expected Family Contribution (EFC) is taken into account when you submit the Free Application for Federal Student Aid (FAFSA). However, it is only one of the many factors that determine the amount of coverage you get from the state or government.

Remember that EFC regulates not what your family will have to cover, but rather the amount of money it might be able to put towards your tuition. This means that no income cutoff regulates whether in general you are eligible for the aid or not. This saying, for example, a family whose income equals several thousands of dollars can still receive financial aid due to particular factors present in the formula for FAFSA, namely family size, number of siblings attending school, or the simple school cost.

Sometimes students do not receive their financial aid at full, and in such cases, you can re-submit your application next year to ensure that you receive the right support you deserve. To dispel any doubts you might have about the possible support sum, just go to your school’s net price calculator, fill out there your family financial information, and get the rough idea of what you are eligible for.

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