How to Get Financial Aid for College if Your Parents' Income Is High
You must enter your parents' financial information on the Free Application for Federal Student Aid (FAFSA) if you're classified as a dependent. If your parents have high earnings, you likely won't qualify for much student aid, because the government will expect your family to make a large financial contribution to your education. To increase the amount of student aid you can receive, change your dependency status or apply for other types of financial aid.
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Instructions
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Declare yourself independent. According to Student Loan Network, you can declare yourself as an independent student if you have a child, your parents have passed away, you're 24 or over, married, a former member of the military, a foster child after the age of 13 or have been accepted into graduate school. In addition, if a judge has removed your parents' parental rights, you can declare yourself as an independent. As an independent student, your parents' income has no effect on your student aid.
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Apply for a private loan from a financial institution. Private loans only take into account your parents' income if one of your parents cosigns for the loan, in which case a higher income will increase your chances of getting approved for the loan. Unlike federal grants, you must repay a private loan.
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Apply for scholarships. Your parents' income may not affect your chances of receiving some scholarships. Some are awarded based on academic achievement alone, while others are awarded to students from low-income families.
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