The FAFSA income eligibility chart published in Forbes correlates income thresholds with the expected family contribution and also predicts whether or not a college might award federal student aid depending on the type of college attended. On the chart, there are four different types of colleges: two-year public, four-year public, average four-year private and elite private. However, the federal government makes aid recommendations based on tuition costs, not the type of institution attended.Continue Reading
The Federal Student Aid office recommends that students interested in the amount of aid they might receive should use the FAFSA4caster for accurate estimates, explains the U.S. Department of Education. The FAFSA4caster requires students or parents to input exact financial information from federal income returns and bank statements. The calculator estimates the expected family contribution and lists that student's eligibility for a Pell Grant, work study, and subsidized and unsubsidized loans, as well as the expected award amount.
The FAFSA4caster calculator also allows parents and students to enter current tuition costs for certain colleges and have the expected cost of attending that school after aid awards displayed, notes the U.S. Department of Education. In order to use this section of the calculator, students should know the cost of attendance for their chosen universities. Students can also compare different schools based on their tuition, add expected state aid and scholarships to their financial estimations, and alter the amount of aid expected from particular schools.Learn more about Credit & Lending