<p>I am a stay at home mom of 3 and my husbands income is 60,139. Would I qualify for FAFSA?</p>
<p>You’ll likely qualify for need based aid, based on the Expected Family Contribution calculated through the FAFSA formula.</p>
<p>Use the EFC calculator at College Board to see what your EFC is. Then find out the full Cost of Attendance at a school that your child (I presume you’re considering FAFSA for a child) is considering. The difference between the COA and the EFC is your need-- that’s the amount of aid (grants, loans, work study) that you’re potentially eligible for. Most schools won’t meet full need, though.</p>
<p>FAFSA is simply a Federal form that you file; from it, the Feds determine your family’s Expected Family Contribution. This is the figure that most school take as your MINIMUM contribution to your student’s college costs.</p>
<p>Based on the EFC, the student may qualify for Federal aid, which comes in a number of different ways: Pell grant, Stafford loans, Perkins loans, and so on. (Stafford loans are available regardless of need.)</p>
<p>Beyond that, each individual school may grant institutional aid, in grants, loans, workstudy or a combination of them.</p>
<p>The combination of the EFC – what the family is expected to pay – the Federal aid, and the institutional aid may or may not meet the Cost of Attendance (COA) at that school. If it does not, your family will be expected to find the additional monies needed if the student attends that school.</p>