Any negative impact on possible merit scholarship?

Paying for College
1

Hi! So my parents did some number crunching to see if we could be qualified for financial aid, but the net cost calculators are showing that we don’t.

Should we still file the FAFSA? Could income and asset information from FAFSA negatively impact how much merit aid I receive?

I appreciate if anyone can answer my questions. Thanks!

2

If a school does not require a FAFSA for merit aid, do not send it to that school. There is no reason that your FAFSA and CommonApp school lists need to match.

3

Maybe you should do the FAFSA. From the bottom link I found from US News: ‘Everyone should fill out the FAFSA, because everyone is eligible for some form of financial aid, no matter their circumstances…It’s important to be aware that many colleges offer merit-based aid that doesn’t even consider financial need; it’s based on achievements such as grades, SAT scores or athletics. In other words, the amount of money your parents make doesn’t matter for this type of aid, but you can’t get it if you don’t fill out the form.’

http://www.collegeconfidential.com/dean/fafsa-required-for-merit-aid-hopeful/

http://money.usnews.com/money/blogs/my-money/2015/01/05/why-you-should-fill-out-the-fafsa

4

But there is a related question: can filling out the FAFSA hurt your chances at getting admitted to a college?

http://www.reuters.com/article/us-column-weston-idUSBREA190TF20140210

5

That’s not necessarily true (the part about filling out the form).

6

@BelknapPoint I was quoting from the article, and was wondering if it was always true. Because I’ve heard both positions, that an applicant does not have to do the FAFSA for merit, or that sometimes she does. Or does it vary from college to college?

OP asks ‘Could income and asset information from FAFSA negatively impact how much merit aid I receive?’ I would think it would not negatively impact merit. Even if the FAFSA proves the applicant is full-pay, a college might still offer merit to attract that student away from a more elite and more expensive school.

7

Yes.

8

Many schools do NOT require the FAFSA for merit aid. Some do, sometimes to ensure that the student is not eligible for a PELL grant, which is often applied against the merit aid and so is beneficial for the school.

Typically merit aid is independent of financial need.

If you think you might need a student loan, you should file FAFSA.

9

Thanks for all the usual info!