<p>Just used the FA calculator on a college's website to estimate EFC. Our EFC significantly exceeds COA. </p>
<p>I've gotten some thoughftul advice on this board that it's good to apply for need-based FA anyway, to be prepared for job loss or some financial emergency that could change FA eligibilty in future years, and to get into the FA loop at those colleges that don't consider you for FA in the out years unless you apply in year one. </p>
<p>Aside from those two reasons, is there any reason at all to apply for need-based FA, if there is a big gap between EFC and COA? Seems like a waste of time to me...</p>
<p>Personally, I don't think it's a waste of time to be prepared...just in case there is a drastic financial change. As I've said before....if you have a job loss or significant illness that eats into your income, the LAST thing you will want to do is fill out finaid forms. The colleges will not reconsider your finaid situation without the forms.</p>
<p>Also SOME schools require the finaid forms for ALL kinds of aid including merit aid (both of my kids' schools required them).</p>
<p>We are in the same boat, we won't really qualify for much or any need based aid. However, one financial aid officer told me to fill out the forms anyway, because sometimes it helps with outside merit scholarships when they see that you aren't getting need based aid. If two students are comparable, and one will get grants, etc for need, they just might give the scholarship to the one who doesn't qualify for need based aid. I asked if it ever worked against a student to fill out the fafsa, and she didn't think so.</p>
<p>It is not a waste of time and you should complete the forms each year your student is in college. As noted, it opens the door to merit aid and it's on file if your circumstances suddenly change...loss of work, disability..demotion...death and then you are prepared and will just need to explain the special circumstances.</p>