<p>If am 1st child off to college, EFC over so won't qualify for need based aid should we do the FASFA? From what I see doing so would make us eligible for some low interest loans. Would it be better to fill FASFA when family has child #2 going off in 2 years - then will have 2 in college and assets/savings will be less due to paying full tuition for child #1 for over 2 years?
Thoughts?</p>
<p>It doesn’t hurt to do it now. You do it every year, it doesn’t carry over. If you do it this year, you don’t have to take the loans but they are there if you need them. </p>
<p>When you have 2 in college, you fill it out for each child.</p>
<p>Check child number 1’s colleges. There are some generous colleges that will NOT allow you to apply for institutional need based aid in subsequent years if you don’t APPLY as an incoming fresh,an (note…apply…not be eligible for or receive…just apply). I believe these colleges all also require the Profile as well.</p>
<p>Also, as you note, the Direct Loan can be taken by your student if needed by completing the FAFSA.</p>
<p>And last.y, some schools require the financial aid application forms even for merit awards.</p>
<p>But really, this is your decision. If you do not want to complete the form that is fine. Just be sure you understand any ramifications down the line for your student.</p>
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<p>Not that I don’t believe you, thumper1, and I’ve read many other posts that say the same thing, but I’ve never heard any specific college(s) listed that have this policy. Can anyone name a school that adheres to this policy? It would be good information for people to have so that when a post mentions an interest in the school, the CC community can give a heads-up.</p>
<p>The only thing I have heard close to this is Colby College’s policy: “Please note that students who do not apply for aid at the time of their application for admission will not be considered for Colby grant for two award years unless they experience unexpected and unavoidable changes to the family financial circumstances.”</p>
<p>Well, apply because some schools reward you. Stetson give $1000 award to freshmen who file FAFSA before 2/15.</p>
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<p>Is that regardless of financial need? Like, kind of a reward just for filing FAFSA by 2/15?</p>
<p>Yes, it is in the ‘grants’ section. Just for the first year. </p>
<p>A lot of the schools we looked at in the south have these quirky little bonuses for filing forms, for visiting the campus, for knowing an alum. We’ll take it!</p>
<p>Are these FAFSA only schools? If so, then even when you have two in college, you still may not get any “free money”.</p>
<p>Some schools will require the student to file for financial aid in order to get their merit scholarships. </p>
<p>It’s an easy form to fill out. You’re eligible for federal loans if you do, although you don’t have to take them. Just fill it out. There’s no real disadvantage (other than losing about 30 minutes of your time).</p>
<p>Ok, thanks for your comment “ordinary lives”. Due to high EFC I opted not to fill financial aid forms out for my list of schools. I see now that I can still do the FASFA by the state/fed deadline while not doing the individual schools application just to have on file should I need a federal loan going forward………I think I have it right and will do the FASFA once 2013 tax return done - hopefully by state deadline which is before fed deadline of 6/30. Do I have this right?</p>