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Fiction: High-income families don't qualify for financial aid.
Fact:The only way to know for sure is to fill out the Free Application for Federal Student Aid (FAFSA).
In order to determine the amount a family is expected to contribute to a child’s college costs, the federal government has a formula that considers a number of factors:
- Number of college-age children
- Income
- Children’s assets
In some cases, all or some costs may be covered by financial aid, low-interest government loans, or private loans. Moreover, some schools will not consider applicants for college grants and scholarships if they have not applied for federal aid.
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