It's one of the most expensive assumptions a high-earning New Jersey family can make: "We make too much, so there's no point filing the FAFSA." Usually, there is.
There is no income cutoff
The FAFSA has no income limit. There's no threshold above which you're disqualified from everything. Plenty of high-income families still access valuable opportunities by filing — and families who skip it forfeit those by default, before any school even looks at them.
What you forfeit by not filing
- Federal student loans. Many schools require a FAFSA on file before a student can take even unsubsidized federal loans — often better terms than private alternatives.
- Merit and institutional aid. Some colleges require the FAFSA to be considered for their own merit money, not just need-based aid.
- A baseline for appeals. Without a FAFSA on file, you have no standing to appeal an award later if your circumstances change.
Why "high income" is fuzzier than it looks
New Jersey incomes can look large while cash flow feels tight — high property taxes, cost of living, equity compensation that's illiquid, multiple kids. The aid formula reads numbers, not your monthly reality. And with the right positioning and school selection, families who assumed they'd pay full sticker have landed meaningful discounts.
The cost of filing is an hour. The cost of not filing can be tens of thousands of dollars you never knew were available.
The bottom line
File unless you have a specific, informed reason not to. Then make sure your base-year positioning is sound so the form reflects your family as favorably and honestly as possible.
Whether aid is realistic for your income is exactly the kind of honest read a coordinated session gives you — before you leave money on the table.