written by: Marce•edited by: Laurie Patsalides•updated: 4/24/2009
Want to know if you are eligible for FAFSA? You may be surprised when you find out the answer to, "What is the savings account limit to be eligible for FAFSA?"
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If you are searching for financial aid to pay for school, you may be wondering, "What is the savings account limit to be eligible for FAFSA ?" As you know, FAFSA is financial aid determined by your family's income and savings. Families with a lot of money in savings and bringing in a lot of money in income will not be eligible for as much as those families with little savings and income. Knowing what is the savings account limit to be eligible for FAFSA may save you time in filling out the application.
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What is the Savings Account Limit to be Eligible for FAFSA: What You Need to Know
Actually, there is no savings account limit because FAFSA isn't determined by only looking at savings accounts. It also takes into account income when it calculates EFC (expected family contribution). This is the amount that FAFSA determines your family is able to contribute to your tuition and indirect costs such as books and other supplies.
FAFSA looks at how many people in your family. So if you have three other brothers or sisters, the amount that your family makes and has saved can be much more than a family of two. This is why when you try to find the answer to, "What is the savings account limit to be eligible for FAFSA?", you won't get a straight answer. It depends on your individualized family situation.
If you are trying to decide if you should apply for FAFSA because you know that your parents have a lot of money saved, the best thing you can do is to try it. All you lose is a little bit of time but you may end up surprised by some financial assistance. Every bit helps when it comes to college costs and you might as well try. You also want to continue to apply each year since your family's financial situation may change, which could result in a different outcome for financial aid.