5 Reasons Why You Won't Get Free Money for College

If you have too many assets or a low GPA, you may not get free money for college.

College costs are staggering yet many families are turned away from receiving free financial aid because their income is deemed too high or their home equity is considered too great.The average cost of college at an in-state public institution for the 2015-2016 academic year averaged about $24,000, according to the College Board. A private college averaged about $48,000 a year. Depending on the school and a family’s financial situation, a student could amass nearly $200,000 in loans by the time of graduation.

Leslie Tayne of Tayne Law Group offered this example: A parents’ expected family contribution for a college student whose tuition is $54,470 per year would be $48,470. Consequently, the student won’t qualify for more than $6,000 in financial aid. She said the expected family contribution was calculated by the Office of Federal Student Aid.