Help, All You Seasoned Financial Aid Gurus (a little long, but please help!)

<p>I feel I should know the answer to this, but I must admit, I don't. Please, I need the guidance of the folks who are savvy about this fin. aid game.</p>

<p>When our first s. went to college, my H. reluctantly filled out the CSS profile for one school. When it indicated we wouldn't qualify for much of anything on the need-based side, he refused to fill out/send in the FAFSA. Does this by any chance affect money offered for merit aid? My H insists that if they know our financial info, they'll offer nothing. I worry that it might be necessary for us to fill out the forms in order for them to consider merit money. I know that some schools offer merit money without the student applying, but would they have to have any financial aid info on file from us in order to be considered for merit money? My s. was a NMF so he did get that $$, but it was need-based at his school and he didnt get much. Ok-- please help settle a few bets:</p>

<p>1) My older s applied ED, which I thought is why we got no merit $ offered other than the NMF $. However, he says that he knows several kids at his school who had significantly lower stats, who also applied ED who were offered significant Merit money. As far as I know, these other students were not URMs or from places like North Dakota, and besides, they were ED applicants, so they were a captive audience. So, if they had all of our financial aid info, would it have helped or hurt us on the merit aid side??</p>

<p>2) We have s #2 coming down the pike, but unfortunately since our boys are 4 yrs apart, the first will be graduating from college just as the 2nd is entering, so we don't get to take that college tuition deduction when calculating our financial status!! Hrmmmph. We'll have been paying through the nose for 4 yrs, and will probably have to continue for another 4 yrs with s# 2. We'd like to be a little smarter with his application process. Help! If we pay anything for older s's grad school, how much will that affect our financial aid status?</p>

<p>3) Younger s. will not apply anywhere ED. Not sure yet which schools he'll apply to, but hopefully to schools that do have a good rep. for offering merit aid (Vandy, Emory, etc). He wants to stay in warm weather, and probably wants a mid-sized, probably tier 1 school (not sure yet, and I know, I'll push him to keep an open mind). As we are in metro Atlanta, I do know know if my s's school will nominate him as an Emory Scholar. Its quite competitive in his HS, since they can only nominate 4. So... will we have to fill out the CSS(for those schools that want the CSS) and/or FAFSA to be considered for merit aid at all the schools to which he applies? Does this vary school-to-school? My H does not want to do so if he can avoid it. He's private about that stuff. I say that they already have so many demographics based on the HS attended, zip code of our residence, etc, they probably know our general financial situation anyway (except for if we have $$ in savings or are in hock up to our eyeballs). So, what do we do??? Fill them out or not? My h. wasnts to give out as little info as possible. I want s #2 to be considered for as much merit aid as possible. Help!</p>

<p>4) Older s got several outside scholarships, but they were only 1 yr, not renewable scholarships. He's still trying (there are a few you can apply for in college) but we don't know the status. Younger s. will not qualify for some of the ones older s won (2 were related to older s's being an Eagle Scout). We'll look into as many outside scholarships as we can, but I don't know how many he'll be competitive for.</p>

<p>5) Lastly, is it too late to move things out of our s's name (he's a rising junior), or is that only necessary if you are applying for need-based aid or loans?</p>

<p>6) Do you have any other suggestions?? Thanks in advance!! I look forward to all of your sage advice.</p>

<p>Hi jym,</p>

<p>I am no guru, but I'll take a stab at it.</p>

<p>
[quote]
he refused to fill out/send in the FAFSA. Does this by any chance affect money offered for merit aid? My H insists that if they know our financial info, they'll offer nothing.

[/quote]
</p>

<p>I am of the mindset of never eliminate your self out of the financial aid game, submit your paper work because you never know. Some schools do require the FAFSA even in giving out merit aid that is not based on need.</p>

<p>Regarding Q # 1 I agree with the parents who state that schools really don't show you the merit money when applying ED because they know that no matter what they give you, you are already obligated to attend. In hind sight, I think your son being a NMS finalist, it the school was his first choice, he could have indicated it and just make sure he filed his application/ fa paperwork in time to be considered for merit money.</p>

<p>Q. # 2 once son # 1 graduates from college, your helping to pay for grad school does nothing as far as changing your EFC when son # 2 enters college. While son # 1 is considered independent as far as federal aid, if he is applying to for example law school (where they may ask for your FA info as his parents) they will take into consideration that you are paying tuition for son # 2.</p>

<p>Concerning Emory Scholars; It looks as if you do not have to file the profile or the fafsa to be eligible for any of their merit money.</p>

<p><a href="http://www.college.emory.edu/current/achievement/scholars/brochure_05.pdf%5B/url%5D"&gt;http://www.college.emory.edu/current/achievement/scholars/brochure_05.pdf&lt;/a&gt;&lt;/p>

<h1>5 regarding money in your son's name. While you may not be able to move the money to your own account, you can spend it down (purchase him a new computer, use it toward book money). You would have to then decide if it would be worth it.</h1>

<p>Any assets in your son's name is going to be assessed at approx. 35% of his EFC. For example,</p>

<p>If he has 10,000 then first year his EFC is going to be 3500
year 2 (10000-3500) 6500 *.35 = 2275
year 3 (6500-2275) 4225 * .35 = 1479
year 4 (4225-1479) 2747 *.35 = 962</p>

<p>I hope this helps</p>

<p>Thanks sybbie! A lot of good info. S#1 did put his school as #1 for NM, and did get the NM aid, but at his school they calculate the amount fo NM aid on need. He got the minimum ($750/yr). Its better than nothing, I suppose. Pays for books. I am wondering if, because s#1 got NM money, they can say they gave him merit $$ and call it a day. Thoughts???</p>

<p>You should always do the FAFSA.
Even if you do not qualify for anything else, your kid can get a stafford loan, but only if you complete the FAFSA.</p>

<p>The only reasons not to do the FAFSA are if:
1. you are positive you do not want any loans (and you should read these boards in March and April with all the kids asking if it is too late to do the FAFSA bc their parents decided they wanted loans after all).
AND
2. if you are positive that the schools you are interested in (and have a legitimate chance at) do not require it for merit aid. Read the fine print on the schools web sites and applications.</p>

<p>But really, it does not cost anything, other than some time and paperwork.</p>

<p>Thanks, rlm. I hope my DH will read these posts, in support of the decision to fill out the FAFSA. The good new is that if s# 2 applies to an in-state school, we'll have to fill out the FAFSA to wualify for our state's scholarship program (available to all students with a B average or better). We won't do loans, so thats a moot point. </p>

<p>I just reread s#1's school policies about merit awards. It says that all students are considered for merit once they are admitted (doesn't say you have to fill out all the FA forms). There are 8 merit "categories", of which there are several he wouldn't qualify for. One of the 8 is the NMF merit award,which he did get (though it was the smallest amount). So I am guessing they can say he got merit money, even though it was a drop in the bucket.</p>

<p>*** My DH is intensely private about disclosing any financial info. He'd be willing to put in the time... just not the info :)</p>

<p>Hello again-
Update-
My H feels that if we won't qualify for fin aid, we shouldn't mark "yes" in the fin. aid box on the application. However, He still feels we'll be considered for merit aid. Is this true?</p>

<p>You need to check the rules at the specific colleges. The university DS attends REQUIRES that the FAFSA and Profile be filed by all freshman for ANY kind of aid, including merit aid. These forms do not need to be filed for renewal of merit aid...only renewal of need based aid. BUT for the initial year they are required. Also....while you may not qualify for need based aid now...you absolutely should do at least the FAFSA. IF (and sadly this happens to many families...) you have a financial crisis, medical or lost income or something, the college will have your FAFSA on file and can reconsider your finaid status. If you don't have it done, you will have to do it for any reconsideration of finaid if there is a reason for this. Let's just say, that if you have some kind of financial crisis and you need finaid reconsidered, the LAST thing you will want to do is fill out the FAFSA. Do it up front.</p>