<p>Should high income familes (250K+) still apply for financial aid? Is any of it based on merit?</p>
<p>You can submit a FAFSA so that you can apply for a Stafford loan, but those are for less than $10k (frosh/soph $5500/yr).</p>
<p>If you want merit money, you need to apply to schools that give merit money. Some schools give merit, some don’t (ivies and others don’t).</p>
<p>Merit scholarships aren’t really financial aid; they are usually based on stats (altho a few schools ask that you also submit a FAFSA). </p>
<p>Are you a senior? </p>
<p>What are your stats?</p>
<p>I always recommend folks complete the FAFSA at some point. You never know when an unforeseen circumstance (loss of parent income, illness, etc) will put a strain on your finances and ability to pay for college. If that happens, it is better to already have the finaid forms on file so that the school can reevaluate your situation. The last thing you will want to do if there is an issue is complete the FAFSA. You can wait to do this until AFTER you accept admittance. If they don’t receive any finaid info from you , they will know that you will be paying your own way as they will not considering you for any finaid.</p>
<p>In addition, some schools will not award you institutional aid if you do NOT apply as a freshman. You need to make sure you don’t limit your options by not applying this year.</p>
<p>As noted, some schools require the completion of the financial aid application forms for merit aid as well. Some do not. CHECK.</p>
<p>And lastly…by completing a FAFSA, you will be eligible for a Stafford loan. You don’t have to make up your mind to TAKE that loan today…but if you don’t apply, you won’t be offered this.</p>
<p>Another view–we have 3 kids in college/grad school and have never filled out FAFSA. If your parent’s have good income, savings, equity in a house and assets, and hell would have to freeze over before you would get a cent, don’t bother unless they want you to take the unsubsidized loan.</p>
<p>We have 2 kids in college and have never filled out a FAFSA, either.</p>
<p>However, the general consensus on CC seems to be that it doesn’t take much time, and some may want to take out an unsub Stafford loan for whatever reason (perhaps for study abroad that parents won’t pay for??? maybe???)</p>