Income is one factor the U.S. government uses to determine financial aid, but there is no specific income level that disqualifies students and their families form financial aid, says Scott Weingold for The Huffington Post. Regardless of family income, all students should complete a Free Application for Federal Student Aid.
Household size, age of household members and number of other household members attending college all contribute to financial aid determinations, according to Weingold. These factors are considered along with adjusted gross income to determine an expected family contribution to the cost of education. Financial aid awards are typically lower for families with high expected family contributions.