We prepare to full pay. But we would like to see what is offered. So I guess yes?
If you need it, you check yes because later on, it won’t be available after freshman year.
We did not apply for FA (or check the box) and some colleges said we never could after the first year and other colleges said we could after waiting one year or two years (depending on the college). You are still eligible for merit aid based on academics even if you don’t apply for financial aid. My daughter is applying this year and targeted several LACs that she liked and would likely offer merit aid. So far, it has worked out well for her. She has several LACs that offered merit scholarships with her admission that brought the cost down to a more reasonable level. A few schools are now actually lower in cost than our in-state publics!
OP, have you run the net price calculators for each school on their website?
No. My son’s GC said that some merit aids require FAFSA. So we should apply for financial aid nevertheless. My problem is that I won’t get my tax done till October.
I still can’t figure out why someone got their aid package with their acceptance letter. Don’t we have to wait till after January 1 to fill out the FAFSA?
I think it was advised here on cc to apply to FAFSA just in case. Not sure what happen if one complete CSS profile, and will not mark applying for FA on application.
It depends on the college you are considering. We are full pay and my daughter is interested in LACs. So, we looked for colleges that she liked and offered generous merit aid. The merit award is offered with admission. I agree it is important to run the net price calculators because it will give you a lot of information. The merit awards have been a little higher than I expected but very close to what the calculators indicated.
This merit aid is offered upon admission and does not require applying for financial aid or submitting the FAFSA. However, the poster is correct that some colleges won’t let you apply for FA if you don’t the first year. We found that some will. You have to ask each college what their financial aid policy is.
This is not an “aid package” which is why you don’t have to wait or submit the FAFSA.
Okay… basics.
- Run the net price calculator for each college. It will tell you if you can expect aid or not. But if you are divorced, have a small business, have trusts, or rental property, they will likely show more aid than you would actually get.
- FAFSA is required if your kid wants to take out federal loans. Some colleges require it for merit aid, but most do not.
- Many colleges also ask for the CSS Profile form (more detail than FAFSA). Students who got aid packages already mostly filled that out and provided 2014 tax returns. If you check yes for applying for financial aid, you need to look at what each school requires and when. It is different for each school.
- You can't delay filing taxes if your kid's school requires the tax returns for FA purposes (but generally they are not required for merit aid anyway). All colleges want them for need based aid. Extended filing deadlines are a luxury you can't take advantage of if you expect a college to provide need based aid. I know it is a hassle (I have a small business and it is a scramble every year). You may even have to amend... but you can't take the extended deadline and get need based aid.
So run the calculators to see if it is worth it.
Do you fill out CSS profile before acceptance or after? My son will apply for 5 private schools that require CSS. His chance of getting in is less than 10%.
Before. Most schools also want the tax returns, etc before. It is honestly a huge hassle the year your kid applies. Think about it – your kid gets 4-5 weeks from those late March acceptances to decide by May 1, and the FA package is required for most to make a decision. If they waited to collect the info, they could not get the packages out with the decisions. But every school has different target dates, some want different forms, and some want the forms sent different ways.
I suggest starting a spreadsheet to track. If you add in a non-custodial parent and a small business, just kiss off a good portion of your February making sure FA paperwork gets done in the year they apply. 
Thank you. Your answers help to save me hours on internet.
One more thing. Size of the household is the number of people on my taxes, right? Not how many people live in the house?
I honestly don’t recall, haven’t filled out the profile in a coupe of years (we moved to full pay last year 
). Are the instructions for that field unclear?