How much is too much income for need based scholarships

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flounder
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Joined: Tue Feb 23, 2010 10:09 pm

How much is too much income for need based scholarships

Postby flounder » Sat Mar 05, 2011 8:09 pm

Is $110K annual income too much for a student to get need based scholarships?

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AreJay711
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Joined: Tue Jul 20, 2010 8:51 pm

Re: How much is too much income for need based scholarships

Postby AreJay711 » Sat Mar 05, 2011 8:11 pm

Yes lol. Unless you have 8 kids and that was joint income in which case the answer is just probably yes. :wink:

flounder
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Re: How much is too much income for need based scholarships

Postby flounder » Sat Mar 05, 2011 8:15 pm

What about $70? I am trying to get an idea of what is poor enough for need based scholarships.

CanadianWolf
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Re: How much is too much income for need based scholarships

Postby CanadianWolf » Sat Mar 05, 2011 8:17 pm

Sounds like you're considering a deferred compensation arrangement.

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aspire2more
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Re: How much is too much income for need based scholarships

Postby aspire2more » Sat Mar 05, 2011 10:49 pm

flounder wrote:What about $70? I am trying to get an idea of what is poor enough for need based scholarships.


No one can answer that for you because it depends on family size, how many children are in college, etc. It's probably safe to assume that if you qualify for food stamps, income-based housing, or other programs designed to help low-income individuals and families, you'll most likely qualify for need-based aid.

While I can't give $ figures regarding need-based scholarships, I do know a lot about other programs that require you to be within certain federal guidelines to qualify. To give you some perspective, most income-based government programs have cut-offs somewhere between 100-200% of the federal poverty level. So for a family of four, that income range would be approximately $22K-44K. Again, I'm not saying that if you have a wife and 2 kids and your household income is $44K that you'll qualify for need-based aid. I just got the impression from your original post that you may have a skewed view of what poverty means. If I'm wrong about that, then sorry. But seriously, for a combined household salary of $110K, you wouldn't be under even 300% of the federal poverty level unless there are at least 8 people in the household.

Additionally if you want to qualify for scholarships instead of need-based loans, I assume you will also need to have an academic record and LSAT score that justifies offering you such a scholarship.

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DeeCee
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Re: How much is too much income for need based scholarships

Postby DeeCee » Sat Mar 05, 2011 10:56 pm

did you fill out the FAFSA? If so, what was your EFC?

If you had a high EFC, then you won't qualify. If you have an EFC of zero and your parents aren't counted or make little money, you'll probably qualify for need-based help.




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