<p>Just as the question states. Is there like a cutoff point for who can apply for income or should I just try just in case regardless of what they make?</p>
<p>No, I don’t think there is a cutoff. You can apply no matter how much your parents make-how much aid you’ll actually get is another question, but it can’t hurt to try.</p>
<p>You can go to this site to obtain an estimated EFC:
<a href=“https://fafsa4caster.ed.gov/F4CApp/index/index.jsf[/url]”>https://fafsa4caster.ed.gov/F4CApp/index/index.jsf</a></p>
<p>If your estimated EFC is particularly high, there are several reasons not to apply.
- Completing the forms would be a waste of time. Gathering the information could take extra time if your parents have investments, partnerships or trusts for which the final tax information won’t be available at the beginning of the year. Some of those items also require submitting additional information.
- The FAFSA is free, but the CSS/Profile is not.</p>
<p>Here are several reasons to apply for need-based financial aid:
- I have read on CC that some schools will not allow a student to file for need-based financial aid in a subsequent year if he didn’t do so his first year. I plan to ask the financial aid offices of the schools to which my daughter is applying if this is the case there, because we will have another child in college in two years.
- One theory, also read on CC, is that filing for need-based financial aid communicates to the college that finances (and merit scholarships) will help determine your college choice. I don’t know if that is true or not.
- Some colleges use their own calculators and are generous with aid. For example, Princeton takes into account whether or not you have children in private school; I’m almost sure that FAFSA and CSS/Profile do not.</p>
<p>Also if you want to be eligible for federal student loans you must file FAFSA.</p>
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<p>Sort of. My kids schools would not allow a student to apply for INSTITUTIONAL need based aid if the student did not apply as a freshman.</p>
<p>Some schools also require that financial aid forms be completed for all aid including merit aid. Both of my kids’ schools had this requirement when the were incoming freshmen. One no longer requires this for merit aid.</p>
<p>Any student filing a FAFSA will be eligible to take a Stafford loan in their name regardless of their financial need.</p>
<p>^ Thank you, Thumper1. I was unclear.</p>
<p>I would love to hear any additional comments people have as to the pros and cons of filing for institutional need-based financial aid if one has a high estimated EFC.</p>
<p>I’m sorry but I don’t see any “cons” to APPLYING for any kind of financial aid. You never know…you might actually qualify for some. Some folks will tell you that your chances of acceptance are greater if you do not apply for financial aid…and that is true at some schools…but the tip isn’t that significant. In other words, if you really aren’t a good candidate for admissions, being able to pay full freight isn’t going to get you accepted.</p>
<p>What possible “con” is there? It takes a bit of time, yes. </p>
<p>Also, everyone wants to think that their financial situation is going to remain stable. BUT sadly, this is not the case. If you have a financial crisis and want the school to reconsider your financial aid application, you need to have one on file. If it’s already done, you simply have to demonstrate to the school the changes in your financial situation from when you initially filed. If you don’t have the forms on file, you will be doing them at that point. I would think the last thing your family would want to do in a time of financial crisis is fill out a FAFSA and Profile from scratch. So…I would suggest doing it now.</p>
<p>If you don’t qualify for need based aid, you simply won’t get it. And that will be that.</p>
<p>I would guess that in this age of enrollment managers and schools caring about yield, applying for aid when you don’t qualify signifies that the school is less likely to yield the student.</p>
<p>Thumper, thanks for the clarification about it being institutional need-based aid that might not be available later on.</p>
<p>Another downside of applying when you have a very high EFC is that you end up looking greedy and/or clueless if you’re applying for need-based aid with a high income or significant assets. If it’s a PROFILE school, you’re paying for the privilege of looking greedy and/or clueless. If you’re really lucky, you’ll turn up as an anecdote on CC about greedy/clueless parents. 
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<p>Sure, the admissions tip for need-aware institutions isn’t very big, but it’s still there. Weighing that slight advantage versus the pain of filling out FAFSA/PROFILE following a family fiscal disaster is a decision that each family has to make on their own.</p>
<p>Anyone can apply for FA, but if your parents’ income is too high then you can’t expect anything more than a small unsub loan.</p>
<p>Why are you asking? What is their income range?<br>
$100k - $150k?<br>
$150k -200k?<br>
over $200k?</p>
<p>Another downside of applying when you have a very high EFC is that you end up looking greedy and/or clueless if you’re applying for need-based aid with a high income or significant assets.</p>
<p>True… And, I think if you have a huge family disaster (like death of the major breadwinner), you can apply later. </p>
<p>Loverainx…how much will your parents pay for your education each year? If you don’t know, ask.</p>
<p>Then I must have looked greedy. We didn’t qualify for need based aid. BOTH of my kids’ schools required both the Profile AND the FAFSA for merit aid as well. AND we wanted our kids to take out the Stafford loans. If that’s viewed as “greedy” so be it.</p>
<p>We almost had to do a special circumstances request when DH got laid off (we didn’t because he found a job)…and our finaid department told us the first thing we needed to do was show the difference between our already filed FAFSA/Profile and the projected new lack of income.</p>
<p>thumper, the “greedy” comment was for schools where there’s no requirement of FAFSA/PROFILE for merit aid, and no intent to request a Stafford, either. We’d definitely fill out the forms if/when required. Which means that if one school on D1’s list ends up needing it, we’ll have to put in the work regardless.</p>
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<p>As the income goes beyond $60,000 chances for good FA get slimmer and slimmer, especially if you cross $100,000. Schools like Harvard give aid for students with income up to $180,000 but most do not.</p>
<p>You are more than welcome to fill out the FAFSA and/or CSS but do not expect miracles. Most colleges have less money than needed and hence the chances that they will somehow overlook high income is zero.</p>
<p>A lot depends what the income is, what special circumstances are (if any) and which schools you are applying. If you are asking generic question, the answer is,“if you have really high income do not bother applying”</p>
<p>I think they should have a separate app for unsubsidized Staffords.</p>
<p>An aid officer explained to me that they see a lot of families with the same income from the same zip codes that have wildly different expectations. Some had lots of savings in place and were prepared for loans while others could not believe they did not qualify for lots of aid. You have to think checking yes serves as a tip off to which category your family is likely to fall into. Yet if it’s just for the Stafford…</p>
<p>If I recall correctly, some colleges the student can NOT be considered for merit scholarships unless a FAFSA and related info (CSS) is filed. So it is worth it from that perspective if it applies to your particular college/s.</p>
<p>You are not going to look greedy. Many schools have admissions and fin aid as separate offices or separate procedures. The admissions officer is not going to have your financials in hand. </p>
<p>Where it can be a problem is for need aware admissions. If you are applying to the small number of schools that are need aware, and you are in the group of kids that are in that maybe category, the amount of need you require could be taken into account.</p>
<p>Another thought about not applying now if you are a high-EFC family: isn’t the FAFSA process supposed to be streamlined “soon” so families can essentially just use their 1040?</p>
<p>I wouldn’t hold my breath about families being able to use only the 1040 very soon…</p>