Should I apply for financial aid even though on my dad’s last tax return we had a family income 500k+?
I spent the day at Rice University and they are very high on aid and I know I won’t get any, but I don’t wanna be penalized for either having too much income or for not apply for aid? What is y’alls opinion?
I’m afraid if I send one in, when in consideration for merit scholarships, the guys in admissions will say “he makes too much, we shouldn’t give him anything.”
I’m afraid if I don’t apply for aid to schools then I’ll be disqualified for certain scholarships I could have had a chance with otherwise.
Merit scholarships are usually awarded by the admissions office, while financial aid is handled by the FA office. Unless a particular scholarship has a need component, the different offices may never know what is going on in the other.
If the merit award says you must file the FAFSA, then do it. If not, don’t. Ask the admissions office.
She was a top candidate for a school that should have offered her merit aid and really tried to recruit her. Two other schools looked at the Fafsa and must have wondered why she didn’t apply ED as she was wait listed despite a very strong application. I blame in large part submitting financials- both Fafsa and CCS. For my D2 I did not submit those and felt better about the results.
If you do not qualify for financial, it doesn’t matter whether you apply or not, you will not get it. A family with an income of 500K, there is no chance you will get ANY FA. Not needing FA can be a hook.
If your family income is really $500,000 a year, you won’t qualify for any need based aid,mad you know.
BUT do check your colleges…as some do require the filing of financial aid applications for merit award recipients as well.
If your family will be paying full freight, you don’t need to file the forms at all.
But you wrote this:
If your parents are only willing to pay $25,000 a year, you might need to complete a FAFSA so,that YOU can take out the Direct Loan annually to help,cover your costs to attend college.
@thumper1 Personally, If I were funding my college, I would stick with UT or Alabama, but my dad for some reason believes that I will receive merit scholarships somehow from either rice or WashU (My reaches). Not exactly sure my dad’s motivation for having me apply there, but it doesn’t require much more work on my part.
@thumper1 – are student loans not means tested? I assumed, without researching of course, that the child of a family earning $500K would not be eligible to take out that $5500 student loan. Are there not income limits?
Everyone who files a FAFSA is eligible for an unsubsidized direct loan. There are no income limits. Only those with need will get a subsidized loan.
And not that I am doubting anyone’s personal experiences, but it seems incredibly strange that a financial aid form would prevent a student who was being “recruited” from getting in or getting merit. No one is going to look at a FAFSA or whatever and wonder why someone didn’t apply ED.
With that said, you’re not getting a penny with an income nearly 10 times the median family income so there’s no point in filing UNLESS you’re going to a school which requires need-based forms for merit aid OR one where if you don’t apply for aid the first year, you’re not eligible later on. These schools are rare but you should check carefully.
All students completing the FAFSA are eligible to take out the $5500 unsubsidized Direct Loan…including rich folks. Anyone.
Up to $3500 of that can be subsidized but its not means tested in that anyone with a lower income will get subsidized loans. Subsidized loans are for kids who have financial need at THEIR college. Clearly, prices on colleges vary…so some kids who attend a $65,000 a year college could get subsidized loans, while the same kid would get NO subsidized loans at a local community college. It’s all about need.