<p>Answering “no” but later submitting FA forms is not a problem at most schools. Answering “yes” but later not submitting FA forms is not a problem at most schools.</p>
<p>Your answer is not terribly relevant to the issue of whether you will be admitted, even at need-aware schools. What they care about it how much aid a student needs, not whether the student applied.</p>
<p>But that really should not be part of your calculations. If you think you will need aid, apply for it. What good will it do to be admitted and not be able to afford to go?</p>
<p>^^^ To DunninLA’s list of 8 permutations, I think you’d need to add whether the school offers non-need-based (merit) aid, and whether that simply replaces some or all of the “need” component of the aid package. </p>
<p>My observation is that many (but not all) schools that do offer merit aid, do not meet 100% of need. Applicants and their parents are sometimes surprised to discover that the merit award at these schools doesn’t necessarily reduce the EFC but instead goes to fill in some fraction of “need” (= COA - EFC), resulting in a corresponding reduction in need-based aid.</p>
<p>In regards to average amount of loans vs. grants, you need to look at the next lines on the collegeboard website for each college. After % of need met, it lists the total package, the amount that was loans and the amount that was grants. Part of it is typically work study. I understand it is common to start freshman with low work study amounts and then increase it as they get older, because at that point they are more adjusted to college life.</p>
<p>Yes, the vast majority of colleges count loans and work-study hours as part of “meeting need,” even though these are really just forms of self-help. In the case of loans you’re just deferring payment but adding interest charges that add considerably to the final cost. Work-study just gives you preferred access to relatively low-paying student jobs, the earnings from which will help you pay the bills–but that’s money you’re earning, whether you do it through an on-campus work-study job or an off-campus job at a gas station or diner. </p>
<p>Bottom line, there’s “aid” and then there’s “aid.” It’s not all created equal. Grant aid reduces the amount you pay. Loans and work-study jobs just channel you into particular ways to pay for it yourself, without reducing the amount you pay. But most colleges consider it all part of the “aid” package.</p>
<p>Typically, the schools that are “need aware” are the ones who don’t have big endowments AND are the ones that meet need. </p>
<p>So, it makes sense that they have to be “need aware” - they can’t risk accepting a year’s worth of students who all have big need.</p>
<p>However, schools that don’t meet need (most publics and lots of privates) don’t have to worry about the “need” issue, so they don’t have to be “need aware.” They let you worry about covering the costs… ha ha</p>
<p>That said…it can be argued that even “need blind and meets need” schools are need-aware because they can tell by a student’s zip code, his high school, and his ECs whether he likely lives in an affluent or low-income household. the student’s essay can also reveal socio-economic status.</p>
<p>A couple other thoughts about financial aid.</p>
<ol>
<li><p>For the colleges that are need aware, I’m guessing it matters more how much financial aid you need vs. whether you are applying for it. They know that some students apply for FA and end up not being eligible for it. They also know each year that 1/2 of their students are going to expect need based financial aid. However, there is a huge difference between someone who can afford to pay everything else if they get a $20,000 a year tuition discount vs. someone who can afford only to pay room and board or not even that.</p></li>
<li><p>The types of loans very greatly. Everyone who is eligible should take out as much Federally-subsidized student loans each year as possible. Otherwise, they may find they are $20,000 in the hole going into their senior year and are only eligible for $6,000 of subsidized loans. The Federally subsidized loans have grace periods after you graduate and the Feds pay all of the interest while you are in college.</p></li>
</ol>
<p>There also are Federal loans without subsidies, PLUS loans to parents (assuming the parent has half-decent credit), and private loans (which can start adding interest the day you take them out and can have 19% interest rates).</p>
<p>Moreover, some colleges offer their own loans to parents at very favorable terms.</p>
<ol>
<li> Work study jobs can be great. For instance, if a student gets a job working at a library desk job that is not very busy, they can in effect get paid to study. One of the keys is to investigate the list of available jobs as soon as possible and sign up quickly.</li>
</ol>
<p>Work study jobs can be turned down. For example, if a student feels comfortable they can make up the difference by working overtime during the summer, they can turn down a job during the school year.</p>
<p>Some colleges also allow work study jobs to be done at local non-profits. That can allow a student to get paid to do an internship, in effect.</p>