There is not an income limit to qualify for financial aid. The Free Application for Federal Student Aid (FAFSA) uses a complex need analysis formula to evaluate income, number of people in the household, and, in college, age of the eldest parent, investments, cash, savings, checking, and even the state of legal residence. This information is provided by you on the FAFSA. The result is your Expected Family Contribution (EFC) which is used to determine your family's ability to pay for educational costs.