Can I Get FAFSA if I Make $100K? Here’s the Real Answer

If you make $100,000 a year, you might assume you’re too rich to qualify for FAFSA. That’s a common myth-and it’s holding a lot of families back from free money. The truth? There’s no official income cutoff for FAFSA. Even if you earn six figures, you could still get aid. It’s not about how much you make. It’s about how your whole financial picture fits together.

FAFSA Doesn’t Use a Simple Income Cutoff

Many people think FAFSA has a magic number-like $50K or $75K-that disqualifies you. It doesn’t. The U.S. Department of Education doesn’t publish a single income limit. Instead, they use a formula called the Expected Family Contribution (EFC), which looks at your income, assets, family size, number of kids in college, and even your state of residence.

For example, a family making $100,000 with two kids in college at the same time might qualify for more aid than a family making $60,000 with only one child. Why? Because the cost is spread thinner. The formula rewards families spreading resources across multiple students.

Even if your EFC is high, you’re still eligible for the unsubsidized Direct Loan. That’s not need-based. It’s available to nearly every student who files FAFSA, no matter how much you earn. In 2024-2025, undergraduates can borrow up to $5,500-$12,500 per year in unsubsidized loans, depending on year in school.

What Actually Affects Your Aid Amount?

Income isn’t the only thing that matters. Here’s what really moves the needle:

• Family size: More people in your household lowers your EFC.
• Number of students in college: If you have two kids in college at once, your aid eligibility jumps significantly.
• Assets: Savings accounts, investments, and second homes count. But retirement accounts (like 401(k)s and IRAs) don’t.
• Expenses: High medical bills, childcare, or elder care can be factored in if documented.
• State of residence: Some states offer additional aid programs that don’t follow federal income rules.

Let’s say you make $100,000, live in California, have three kids, and one is starting college this fall. Your EFC might still be low enough to qualify for a Pell Grant if your other kids are still in high school or college. The FAFSA formula doesn’t just look at your paycheck-it looks at your whole life.

Pell Grants Are Still Possible at $100K

You might be surprised to hear this: people making over $100,000 still get Pell Grants. In 2023-2024, the maximum Pell Grant was $7,395. The income threshold isn’t fixed, but families making up to $65,000 are most likely to qualify. However, the Department of Education adjusted the formula in 2024 to be more generous to middle-income families.

For example, a single parent making $98,000 with two children in college and $12,000 in medical debt received a $3,200 Pell Grant in 2024. That’s not rare. It’s a direct result of the updated FAFSA formula, which now uses prior-prior year income (2023 for 2025-2026 aid) and ignores untaxed benefits like SNAP or housing assistance.

Even if you don’t get a Pell Grant, you might still qualify for state grants. In Texas, families earning up to $120,000 can get the TEXAS Grant. In New York, the Tuition Assistance Program (TAP) has no income cap for students attending public colleges.

Unsubsidized Loans Are Your Safety Net

If you don’t qualify for grants, don’t walk away from FAFSA. The unsubsidized Direct Loan is automatic. You don’t need to prove financial need. You just need to be enrolled at least half-time in an eligible program.

Here’s what you can borrow in 2025-2026:

• First-year undergrad: $5,500 (up to $3,500 subsidized)
• Second-year undergrad: $6,500 (up to $4,500 subsidized)
• Third-year and beyond: $7,500 (up to $5,500 subsidized)

That’s up to $30,000 in federal loans over four years-even if your family makes $200,000. The interest starts accruing immediately, but you don’t have to pay it until after graduation. And if your financial situation changes later, you can switch to income-driven repayment plans.

Why You Should Always File FAFSA, Even If You Think You’re Too Rich

Here’s the hard truth: if you don’t file FAFSA, you lose access to more than just federal grants. You also miss out on:

• State aid programs
• College-specific scholarships
• Work-study jobs
• Private scholarships that require FAFSA on file

Many private colleges use FAFSA data to award their own merit- and need-based aid-even if you don’t qualify for federal aid. For example, Emory University, Vanderbilt, and Amherst College use FAFSA to determine institutional grants. You won’t know unless you apply.

And here’s something most people don’t realize: FAFSA is free. It takes about 20 minutes. There’s no penalty. No risk. You don’t have to accept any loans. You just file, see what you get, and decide what to do.

Common Myths About FAFSA and High Income

Let’s clear up a few misconceptions:

• Myth: “If I make over $100K, I won’t get anything.” Truth: You might get loans, work-study, or state aid-even if you don’t get a Pell Grant.
• Myth: “My savings will disqualify me.” Truth: Only certain assets count. Retirement accounts, home equity, and small businesses don’t affect FAFSA.
• Myth: “I should wait until I know if I qualify.” Truth: Deadlines are strict. Some state aid runs out by March. You can’t apply late.
• Myth: “My parents’ income is too high.” Truth: If you’re a dependent student, your parents’ income matters. But if you’re independent (over 24, married, a veteran, etc.), your own income is what counts.

What to Do Next

If you’re making $100,000 and wondering whether to file FAFSA, here’s your simple action plan:

1. Go to studentaid.gov and create an FSA ID.
2. Gather your 2023 tax returns, W-2s, and records of untaxed income.
3. Fill out FAFSA using the IRS Data Retrieval Tool-it auto-fills your tax info.
4. Submit by your state’s deadline (many are March 1 or earlier).
5. Check your Student Aid Report (SAR) within 3-5 days.
6. Contact your school’s financial aid office. Ask: “What aid is available even if my EFC is high?”

Don’t assume. Don’t guess. File. The worst that happens is you get a letter saying you didn’t qualify for grants. The best? You get free money you didn’t know you were eligible for.

What If You’re an Independent Student?

If you’re 24 or older, married, have dependents, are a veteran, or are a graduate student, your parents’ income doesn’t matter. Only your own income and assets count.

So if you’re 26, making $100,000, and going back to school, you might still qualify for Pell Grants. The FAFSA formula for independent students is more generous. In 2024, a single independent student with no dependents making $95,000 received a $2,800 Pell Grant because they had high student loan debt and medical expenses.

Independent students also have higher loan limits. You can borrow up to $57,500 total in federal student loans as an undergrad-compared to $31,000 for dependents.