What Income Range Is Typically Needed to Be Eligible for Financial Aid?

What Income Range Is Typically Needed to Be Eligible for Financial Aid?

What Income Range Is Typically Needed to Be Eligible for Financial Aid?

Federal student financial aid is dependent on a number of factors, including the expected family contribution, year in school, enrollment status, and a particular school's cost of attendance. Each school's financial aid office determines how much financial aid a student is eligible to receive.

After calculating the cost of attendance, each school considers the student's , EFC, which is then subtracted from the COA to determine the amount of financial need.

The COA includes but is not limited to tuition and fees; room and board or off-campus living expenses; books and supplies; transportation; and an allowance for child care or other dependent care. Establishing the EFC uses a legal formula that looks at a family's taxed and untaxed income, assets, and benefits, such as unemployment or Social Security. The U.S. Department of Education provides a detailed guide to show how an EFC is calculated on its website, StudentAid.ed.gov.