FAFSA Eligibility for Families Earning $140,000 a Year
If I make $140,000 a year, is that too much for me to get financial aid?
This is a common myth when it comes to college financial planning. Most families are eligible for some form of financial aid, even those with a six-figure income. Unfortunately, many parents give up before they even start because they assume they won't meet the FAFSA requirements.
Even if you think your income is too high to qualify for student aid, apply for FAFSA and don't be afraid to go for private schools. It's often easier to get financial aid for private colleges and universities than for state schools.
FAFSA Helps Milwaukee Students Afford Both State and Private Colleges
If you fill out a FAFSA application, you can probably get need-based financial aid, such as grants, work-study, and low-interest student loans. FAFSA also establishes a federal line of credit, allowing you to borrow low-interest money from the federal government to help with costs your other financial aid doesn’t cover.
The amount of financial aid you receive does not take into account the value of your home, insurance policies, and retirement savings. Parents should not have to sell their houses or dip into their 401K or IRA in order to afford college for their children.
Income is a much larger factor than other assets in determining financial aid. If you have more than one child in college or starting college at the same time, you may qualify for more aid. Many parents are also surprised to learn they can qualify for more aid if their child is considering more expensive private schools.
Financial Aid Assistance for Students throughout Wisconsin
Whether you live in Milwaukee, Waukesha, Madison, or anywhere else in Wisconsin, our college funding experts for help finding the financial aid you need to go to the school you want. Sign up for one of our free college financial planning workshops for more information. There are options for financial aid for families earning $140,000 a year or more.