FAFSA Questions

Paying for College
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This discussion was created from comments split from: When to apply for FAFSA for 2019-20.

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FAFSA questions:

I am not eligible for any need based aid. If I do fill out the FAFSA, and list all universities I am applying to, will I be at a disadvantage even from merit based aid- meaning will my merit based aid be reduced because I can afford the college easily? I am yet to hear from one university on merit aid and I have heard they are generous, but don’t want them to give me less. Is it possible to release FAFSA only to particular colleges and leave the rest out?

Since I will not qualify for need based anyway, is it ok to put in approximate value of accounts instead of perfect dollar amount (probably even slightly higher when I round up).

Thanks

(Copy pasted my parents’ questions. Please help. Thank you)

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  1. You don’t have to submit the FAFSA to every single school. Send it where you want it to go...and not to places you don’t want to have it.
  2. Do not estimate. For income, use the IRS Data Retrieval Tool which links your tax information to the FAFSA. For assets...go online and get the balance as of the day of filing your FAFSA. Don’t estimate.
  3. I’m not sure this is a “real problem”. Most merit awards are based on your stats and/or the strength of your application. Unless a merit award specifically says there is a need component, then it’s based on stats and application strength.
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You can do the FAFSA later after you apply if the college requires it for awarding merit aid or you need to take the student loans.