<p>So my family makes a lot. I dont feel exactly comfortable saying how much but its in the top 1 or 2%. my parents want me to get money for college tho and i was wondering if i should file a FAFSA? </p>
<p>is there a cutoff for how much your income can be to get stop getting money?</p>
<p>Need based aid is based on your EFC and the COA of the college. The EFC is calculated by the FAFSA. You can get a rough estimate using one of the EFC calculators. For instance [url=<a href=“http://www.finaid.org/calculators/finaidestimate.phtml]FinAid”>http://www.finaid.org/calculators/finaidestimate.phtml]FinAid</a> | Calculators | Expected Family Contribution (EFC) and Financial Aid<a href=“it%20is%20a%20bit%20out%20of%20date%20but%20will%20give%20you%20a%20rough%20idea%20of%20your%20EFC”>/url</a>.</p>
<p>For federal grant aid the EFC would have to be 4617 or lower. Other federal aid would be loans and perhaps work study if there is financial need. Basically there is financial need if the EFC is lower than the school’s COA. If the COA is higher than the school’s COA then there is no need. By completing FAFSA you will be eligible for Stafford loans ($5500 for a freshman).</p>
<p>Schools that require CSS are sometimes more generous with aid even to higher income families. For instance Harvard gives aid to families with income up to around (I think) $150,000 with average assets.</p>
<p>If, however, your EFC is too high for those schools then you need to look at merit aid options.</p>