<p>If you know that your family is not going to receive any Needs based Financial aid is there any reason to complete the FASFA?
Some have suggested to me that it could actually harm you in regard to potential merit aid considerations. The these people don't need our money kind of reaction upon seeing someone's financial circumstances that they perceive as quite comfortable.</p>
<p>I say everyone should fill out the FAFSA, eligible for need based or not.</p>
<p>I concur with lilmelonred.</p>
<p>You can fill out a FAFSA and not have it sent to any particular place. A school or organization only gets the information when you send it there. You can apply for the Direct loans later when your aid and scholarships are set.</p>
<p>Looking at common data set info, and just personal situations, I don’t think that this is an issue at schools. Merit money tends to be given by the admissions office and they offer it to those they want the most. You get a big fat zippo from financial aid without a FAFSA. The suspicion has often been raised that merit money tends to go to those with LESS need rather than more, since it can go further. Many schools take a business approach to enrollment management, and giving money to those who need less of it is a ways to stretch the budget. You can snag a bunch of no need kids with $5-10K with scholarships, knowing that the likelihood is there that the families can pay the remaining amount. You offer those bits to those with financial need, it just comes off their fianancial aid or it’s not enough anyways if there is still a gap.</p>
<p>Some institutions do require the FAFSA for merit aid applications. That is so they can find out if there is any need that could be covered separately with federal money. And yes if they require the FAFSA and you don’t file it, you won’t get a cent of merit money that you would otherwise qualify for.</p>
<p>Some places will not consider you for need-based aid in future years, no matter how drastic the change in your circumstances, if you do not apply as a freshman.</p>
<p>Other than the time involved in filing the FAFSA, there is no downside. My recommendation would be to file it for your freshman year.</p>
<p>When do we fill this out if we’re going to be seniors next year?</p>
<p>^ The earliest would be January mid way through your Senior year.</p>
<p>A friend told me her family is not filling it out. They will be full pay and have ‘heard’ that no matter how many places say they are need blind admissions, that the reality is that they need and want kids who will come without the need for FA. This is because coming will not be contingent upon merit aid or financial aid and because it frees up money for those that do need aid. So, saying you are full pay and not doing the FASFA can be a benefit.
Now I imagine that most cannot apply to 60k per year school and know that they can pay it (she can…with a trust fund her grandfather gave her + her parents have money). But for those who can do this, I wonder if it IS true that you can get a leg up in the admission process by being full pay?
HSG</p>
<p>p.s. Also heard that you need your parents’ 2013 tax return to do the FASFA quickly and accurately so it will be important that they file in January if possible.</p>
<p>Tiaram:</p>
<p>If you will start college in the fall of 2014, the earliest you can fill out fafsa is Jan. 1, 2014. You should file fafsa with estimated 2013 tax info and actual asset info soon after Jan. 1. Then as soon as possible, once tax info is received from employers/banks etc., you should update fafsa with the actual tax numbers. Your parents and you, if necessary, should plan on filing taxes as soon as possible next spring. If there are only W-2 wage info and interest/dividend info needed for taxes it should be possible to file taxes the first week of February. If your taxes are filed electronically, you can then wait 7-10 days and have the tax info transfered to your fafsa by using the Fafsa IRS Data Retrieval tool.</p>
<p>If your parents are self-employed, own a business, have rental properties etc., it’s not as easy to file taxes early. But get the estimated fafsa submitted early in January.</p>
<p>Thank you so much . That helped!</p>