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Even with those large amounts, it is still possible to qualify for some grants and financial aid. It is most likely that none would be available but that does not mean the person should not necessarily apply and see what they are qualified for. Typically, in these types of loans, the higher the income level, the higher the percentage on the loan. Therefore, the person may qualify for some assistance, although it would be at the highest interest rate. Generally, most students qualify for loans - the question is whether that family is in a situation (which they most likely are) where they could just pay outright for their college needs or take out their own loans (if needed) with their own financial instituation (which might even be a better deal for them in the long run interest wise).
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I suppose if it is just a nominal amount that they would receive, then it is not worthwile to go thru the process, but if it were to be let's say 25% of the tuition annually, then it would be.
Do you have any read on this?
What is the amount of tuition for the student going to be - they are more likely to get money toward Harvard or Yale type of tuition based school as opposed to a state college..
and, remember that some colleges give out financial aid based on MERIT and not on income
If this student is a straight A student and scored highly on their exams, they might receive a considerable amount of their tuition for "free" and not even have to take out loans for their financial aid
Here is an article from US News and World Report regarding this topic