<p>I have a separate thread going on how H and I finally sat down and ran the financial calculators for D's seven EA schools to receive a estimated $0 for financial aid....we have very decent household income but articles I had seen assured me that we'd still get aid...but i didn't think through the asset thing enough...we purchased a 1-bedroom apt for father-in-law (that my H 's siblings pay the rent for), and we have savings and college accounts, and other things....anyway, trust me when I say the result was a big fat 0.</p>
<p>What we 're doing now is a closer look at the state schools plus trying to find an affordable alternative and also places with merit aid...but as she heads toward RD apps, is there any reason to check the financial aid box....given that we won't be given anything, does it help us in any way with merit scholarships too....</p>
<p>This is a moving target for us and I"m trying to stay ahead of the financial tsunami here.... </p>
<p>^ Requiring FAFSA or CSS for merit aid is only true for some schools, and the school will tell you that it is necessary. You don’t need to check “will be applying for FA” for that. </p>
<p>OP, if you’re absolutely certain you won’t qualify for any FA then don’t check the box. In most cases it won’t make a difference for admission anyway. You can file the FAFSA regardless later if you’d like your D to take out a direct loan.</p>
<p>The term merit can mean merit regardless of financial need and based solely on the “merit” of the student’s application or merit as a component of financial aid (requiring financial aid forms.) After the college list is whittled down it’s a reasonable question to send out via e-mail to the finaid offices. Agree with Erin’s dad, if you even think you might want to have your student take out the Federal Direct Loans, file the FAFSA when you do your taxes this winter. </p>
<p>We’re not going to get financial aid either and so we’re chasing the merit. My D is applying to a dozen schools. None of them require the FAFSA or CSS to be filed. I think those schools that do require it for merit must be a tiny minority. </p>
<p>I’d be wary of giving too much info. I do know one full pay family who, when trying to negotiate more merit, was told “you make too much money.” This family at least felt that if the school hadn’t known the specifics of their financials they would have been in a better position. They did end up sending their kid to that school so from a business perspective the school acted correctly. My takeaway from this story is that the school was negotiating from the stronger position because it had the family’s financial details. It’s an advantage that we’re not willing to give them so we won’t be asking for aid. </p>
<p>I have a similar question - if we will not qualify for FA but still want the option to take out loans - our D on her own and PLUS loans for us - do we need to check “yes” on the applying for financial aid question? Am I correct that even a student loan will not be offered if there is no FAFSA or CSS? </p>
<p>hey @4kids4colleges this is the blind-leading-the-blind, but I believe that you <em>do</em> have to fill out the forms even if you’re just going for loans…</p>
<p>@Halfemptypockets – now that is really interesting…and sort of feeds into something that i was thinking about…that is, if we aren’t going to get financial aid anyway, then why disclose so much information? It won’t help…and to your point, it could hurt…far better, I think, to be discreet with this info…and then see if stats allow merit (because, in our case, we’re a classic donut hole family…too wealthy for FA and too poor to pay full-fare). </p>
<p>My understanding is that you can file the FAFSA after all merit packages come in. That way you can still get Stafford and PLUS loans without having that info enter into negotiations. Hopefully someone will confirm. </p>
<p>@halfemptypockets That is correct. The loan funds will be available throughout the whole school year, so if you are expecting loans only from the FAFSA, you can fill it out at any point after you receive the merit award. </p>
<p>This is a slightly different question. If we are expecting loans only from the FAFSA, is it accurate to answer “no” to the question “do you intend to pursue need-based financial aid”? </p>
<p>I have mixed feelings about this. On the one hand, we will not be looking for need-based aid from the college, so the answer is accurate. On the other hand, we will (likely) be applying for at least some type of loan, so it may not be accurate. Of course, I want my D’s applications to be accurate! </p>
<p>The answer matters, of course, because certain colleges will give an admissions advantage to applicants answering no to this question. But I wonder how the answer affects merit aid decisions (if at all). </p>
<p>I’ve seen a college where to qualify for merit, you have to submit the FAFSA. For other colleges, there is no requirement to do it. I’ve heard that it is recommended in case of any changes in financial status. I have heard it is helpful for the college to have that on hand if needed, but I am not certain of the details.</p>
<p>Southernhope - yes it is a shocker to see that financial aid is hard to come by- even for some families with incomes that are more modest than wealthy. It is good to think ahead and avoid some sticker shock. Merit aid isn’t easy to come by at some state colleges, but for most of them, one has to apply by early deadlines. Some have passed. It is still possible to apply RD to state colleges, and the in state ones may be more affordable. </p>
<p>I think there is still time for the automatic merit scholarships at Alabama. </p>
<p>Other options for possible merit aid are for your D to choose some private colleges where her credentials are high relative to the rest of the application pool. </p>
<p>There are some schools which require you to file for FA for their merit aid. They will tell you to do so (primarily to see if you’re eligible for any other federal aid). </p>
<p>You do not have to say YES to filing for FA if all you want is the direct loan. After your child has been admitted you can have them apply for the Direct Loan (usually at the beginning of the school year). The student will have to let the school know they are doing that because they will not look for the application. They will have to take a financial briefing about debt before being able to sign their Master Promissory Note.</p>
<p>The colleges don’t give you those Direct Loans. Those are federally funded. The Plus aren’t college funded either. </p>
<p>And the FAFSA “gives” you nothing at all. It is a financial aid application form only.</p>
<p>You do not have to complete a CSS Profile to gain eligibility for a Dorect Loan or a Plus Loan. But you DO have to complete a FAFSA. This can be done any time during the academic year for,that FAFSA. So if you are going to college for the 2015-2016 school year, you can complete a FAFSA anytime during that school year…and get eligibility for those loans.</p>
<p>As others have said, if all you want is access to Direct Loans and other federal entitlements, and state entitlements for those states that offer them, or just to have the FAFSA handy, do not check off yes, on the question of whether you applying for financial aid. If you do so, the fin aid office will be waiting for your information and it could hold things up. You can pick and choose to whom you send FAFSA info. Sometimes independent scholarship groups, state awards will want it. I know at one time the WV state entitlement (PROMISE, I believe) did require a FAFSA to get that award though income played no role in the award. So you should fill out “no” to whether you are filing for financial aid, if you do not want to be assessed for need by the school financial aid office.</p>
<p>Work study is a federally funded need based financial aid award. Some schools also have their own “work study”. Regardless…you have to have demonstrated financial need to get this award. </p>
<p>If it is the school’s money that is funding a job, they can require anything they choose to determine your eligibility.</p>
<p>If you hava a high EFC,it is not likely you will qualify for work study at most schools.</p>
<p>The way it works with federal work study, SEOG (a federal grant) and Perkins loans(federally subsidized) is that each school subsidizes that money too, so that they give it out as part of their own financial aid. Your FAFSA EFC is the absolute minimum you and your family have to pay before you get a dime of any federal money. Each school that does not use the FAFSA EFC as to what a family/student have to pay, comes up with a its own expected contributions which almost always are higher than the FAFSA EFC. Many schools will make that FAFSA EFC a minimum so that you cannot get more aid without paying it, because otherwise it cuts into what federal funds the school can give. Schools almost always use the federal funds to which they contribute as part of their own aid and many just integrate the PELL and the Direct loans (usually the subsidized portion, though the whole amount can also be integrated) as well.</p>
<p>If you have a high EFC, sometimes the only aid given are the subsidized loans and work study, with sometimes the non subsidized portion of Direct LOan in the package too.</p>
<p>Finally, work study does not have to be federally subsidized. The school can fund work study as well. My kids got “work study” jobs without getting financial aid. Students who “run out” of the work study award sometimes get to continue the job and the department, school or whoever pays the wages out whatever funds they may have available. </p>
<p>But for the federally subsidized money, whether its in the form of grant, subsidized loans or work study, you have to have paid your FAFSA EFC first to get access to those funds.</p>