![]() The maximum EFC you can have to qualify for a Pell Grant is $6,206. However, Pell Grants are solely for students with exceptional financial need, and your need is determined on your EFC. ![]() The Pell Grant is a federal grant worth up to $6,895 for the 2022-23 school year. While there are no FAFSA income limits, some federal financial aid is distributed only to low-income students. The SAI was designed to help low-income students since it will allow for adjustments due to extenuating circumstances, such as drops in income due to a death in the family, that may not be reflected on the FAFSA. The switch will take effect in July 2023. Many families find the EFC confusing, so the government will be replacing the EFC with the Student Aid Index (SAI). The smaller your EFC, the more financial aid you are eligible to receive. It determines how much of the school’s total cost of attendance will be covered by grants and other need-based aid. Your EFC isn’t how much you have to pay it’s an index that schools use to evaluate your aid eligibility. This is the amount of money the Department of Education estimates your family can hypothetically contribute to your schooling.Ĭolleges use your EFC to calculate your financial need. This is a summary of the information that you provided on the FAFSA, and it also includes your expected family contribution (EFC). You’re enrolled at least half-time in an eligible degree or certificate programĪfter submitting your FAFSA, the government will send you an email with your Student Aid Report (SAR).You completed a high school diploma or its equivalent, such as a General Educational Development (GED) certificate or approved homeschooling program.You have a valid Social Security number (students from the Republic of the Marshall Islands, Federated States of Micronesia or the Republic of Palau are exempt from this requirement).citizen, eligible noncitizen or qualifying permanent resident. Most students are eligible for the FAFSA as long as you meet these general requirements: Department of Education does not have an income cap for federal financial aid. However, there is no income limit for the FAFSA, and the U.S. What Are the FAFSA Income Limits for 2023?īoth students and their parents often think that their household income makes them ineligible for the financial aid.
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