A common concern with federal college funding in the U.S. is the concept of being too poor to attend college, but too rich to qualify for financial aid—one of the most significant and harmful myths in student aid today. Even if your family earns a substantial income, you should still apply for federal financial aid because there isn't a hard-and-fast income cutoff for qualification.

Completing the FAFSA is the first step in determining what type of financial aid you might qualify for. This application gathers information about your family's financial situation to calculate your Expected Family Contribution (EFC), set to be replaced with the Student Aid Index (SAI) in 2023. Schools use the EFC to gauge eligibility for Federal Pell Grants, Subsidized Direct Loans, FSEOG, and Federal Work-Study.

According to the Department of Education, there's no income cutoff to qualify for federal student loans. Schools calculate need-based aid using the formula: Cost of Attendance – EFC = Financial Need. If your EFC equals the entire cost of attendance, your family is expected to pay without help. For the 2022-23 academic year, the income threshold for automatic zero EFC is $27,000.

To get aid without your parents' help, fill out the FAFSA regardless of income, pursue scholarships and grants like the Palantir Women in Technology Scholarship or the Cal Grant Program, and use non-need-based federal aid such as Direct Unsubsidized Loans.