Are there income limits to apply for FAFSA?
Fortunately for students, there are no income limits that prevent them from qualifying for student loans and other financial assistance in 2023. The majority of students who meet some basic requirements -- they have financial need, they're U.S. citizens or eligible noncitizens, and they're enrolled in an eligible degree or certificate program to name a few -- will qualify to receive financial assistance.
But a family's income may affect the amount of aid that students receive. The U.S. Department of Education considers the student's cost of attendance -- a variety of expenses beyond tuition -- and it calculates the Expected Family Contribution (EFC) to help determine the amount of financial aid that students are awarded. Using a formula established by law, the department considers a family's taxed and untaxed income, assets, and benefits to determine the EPC, which is the amount of money a family can theoretically afford to pay for college.