For those families who are still wondering how they will be paying for college, The New York Times' Choice Blog has posted Part 1 of a series answering your questions about the Fafsa here. For those of you still not familiar, Fafsa stands for Free Application for Federal Student Aid, and it is what all applicants need to submit in order to qualify for financial aid.
One common question is whether there is a particular cutoff of eligibility above which families will not receive aid. According to financial aid expert Mark Krantowitz, there is no cutoff. Rather it depends on various factors including the number of people in your household and how many unusual expenses you may have. In fact, many applicants decide not to apply, mistakenly believing that they would not qualify: "More than 1.7 million students failed to file the Fafsa in 2007-8 because they incorrectly believed themselves ineligible for financial aid. More than a third would have qualified for the federal Pell Grant, and about half of these students would have qualified for a full Pell Grant."
To see more answers to common financial aid questions, click here.