<p>So how low is "low income"? Less than $60,000 annual income, or less than $40,000, or whatever?</p>
<p>Yes, I was also wandering. Would a family of five with an annual salary of less than $45,000 be considered financially challenged?</p>
<p>For the purposes of what? </p>
<p>Low income is defined differently depending on the program you're talking about. </p>
<p>If you're wondering if you'll get any financial aid, you should try to fill out the financial aid calculator. Otherwise the generalization "low income" doesn't really mean anything.</p>
<p>the UW in Seattle for example considers families who qualify for Pell as low income
Currently, the State Need Grant program funds students with family incomes at or below 65% of the state median family income.
So low income may depend on the program and where you live.</p>
<p>For our state- a family of 4 would need to make less than $46,500 to qualify for the State need grant ( and thus for many other programs)</p>
<p>would this be adjusted income (after taxes are taken out) or the income before taxes?</p>
<p>qwilde
There is a Quick EFC Calculator Chart on <a href="http://www.finaid.org%5B/url%5D">www.finaid.org</a>.</p>
<p>This is just an estimate, but for a familiy of 5 with an income of $45K and assets between $25K - $100K, the EFC is $1,500. It might even be $0 if the family qualifies for the simplified needs test.</p>
<p>Go run your numbers on their online calculator</p>
<p>Thanks, FresnoMom. According to the results My EFC is 0.</p>
<p>Low Income is also defined by the institution. For instance, Harvard gives full rides to any family earning less than $60K.</p>
<p>If you're a resident of Connecticut, anything less than $150,000. :-( Seriously, I think most of the Ivys define it as $40,000 or less.</p>
<p>I say under $45,000 is low income. But that also depends on the number of children in the household.</p>
<p>What's your reason for asking?</p>
<p>If you're trying to figure out whether you'll qualify for financial aid, you need to check the financial aid policies at colleges you're applying to and also use the financial aid calculator on CC's home page.</p>
<p>Do keep in mind that having documented financial need doesn't mean that the college will give you the aid that the calculator says you need. Some colleges only provide 60% or less of students' documented financial need, and the majority of that aid may be in loans and work study.</p>
<p>Also, what the calculator and colleges say you need may be far less than what your family feels it can afford. The college will determine your need by however the college calculates financial need. If that's less than what your family feels it needs, unless the reason is something like large debt due to a medical emergency, the college will continue to determine aid by its calculations, not yours.</p>
<p>Public institutions are not likely to provide financial aid to out of state students, no matter how much the students need.</p>
<p>Very few U.S. colleges provide financial aid to international students. Most that do are among the most difficult colleges in the country to get accepted to.</p>
<p>Bottom line is: Make sure that as you apply, you definitely have a financial safety -- a school that you know you'll be accepted to, know you can afford, and would be willing to attend. Often that's a 4-year or 2-year in-state public institution within commuting distance.</p>
<p>Median family income is around 48K, last I checked.</p>
<p>I've seen posts from kids here whose parents make 200K who feel they're needy, though.</p>