<p>a) So I'm not really sure how the financial aid process works. I know that the government can provide you with aid but so could the college. So what forms do I have to fill out and where are they? </p>
<p>b) My parents probably make 300k combined income. And they also have a college savings account for me that i'm pretty sure has like 150k. Do you think we'll get any aid? I know that most people do get some sort of financial aid, even if it's very little. </p>
<p>THANKS!</p>
<p>You won’t be eligible for need-based financial aid unless there is some incredibly extenuating circumstance, such as enormous medical expenses. </p>
<p>Do your parents regard your college savings fund as their entire contribution to your college education? Or, are they also planning on paying some additional amount out of pocket each year? If the former, you will still be able to afford many schools with a total cost of attendance (COA) of almost $40k a year. You would probably need to plan on working summers as well. You could also look at schools where you would be eligible for merit-based aid. You will need to have high stats (GPA and test scores) relative to other students at the school to be considered for those awards.</p>
<p>Make sure to look at the Financial Aid forum for more information.</p>
<p>But I will still be applying for financial aid even if I have low hopes for getting any. Thank though!</p>
<p>So can anyone answer a)?</p>
<p>A. You need to check the websites for the schools you are applying to to see what you need to fill out for financial aid applications AND the deadlines. This varies by school. </p>
<p>Almost all schools require the FAFSA. This is used primarily to determine eligibility for federally funded need based aid. With the income and college savings you quoted, the ONLY thing you will be eligible for in terms of federally funded money is an unsubsidized Stafford Loan.</p>
<p>Some schools also require the CSS Profile. This is another financial aid application form. It has a lot of information that the schools use when awarding institutional funds (money from the school, not the government). Again…with a family income in the $300,000 range and a college savings in the amount you quoted, you are very unlikely to receive a penny of institutional funding. </p>
<p>And lastly, some schools have their own financial aid form. This is also used for institutional funding.</p>
<p>Some schools will require signed tax returns, W-2 forms and tax schedules as well. </p>
<p>There is nothing wrong with applying for need based aid. You never know…but with a $300,000 family income and $150,000 in college savings, you probably won’t have any financial need as computed by the colleges.</p>
<p>And lastly…check your schools…some require the filing of their financial aid application forms for the awarding of merit aid as well as need based aid. </p>
<p>With your income, if you really want or need some aid, you might want to look at schools where you could get a merit award and your need is not factored into that decison for merit aid.</p>
<p>After January 1st, you and your parents can fill out the FAFSA for the 2011/12 academic year. This will determine your eligibility for federal aid, which includes Stafford loans - that’s the only type of federal “aid” you will qualify for based on your parent’s income. All colleges that participate in federal aid programs require FAFSA. The application can be done entirely online at this site: [FAFSA</a> - Free Application for Federal Student Aid](<a href=“http://www.fafsa.ed.gov/]FAFSA”>http://www.fafsa.ed.gov/)</p>
<p>Around 300 colleges also require the CSS Profile, which they use to determine your eligibility for institutional aid. That information will be on the college’s website. Again, it’s unlikely that you’ll qualify for need-based aid with your parent’s income, but you can always apply. The Profile is available here: <a href=“https://profileonline.collegeboard.com/prf/index.jsp[/url]”>https://profileonline.collegeboard.com/prf/index.jsp</a></p>
<p>Some schools require their own FA app instead of Profile. Check the financial aid section of your schools’ websites for details on what they require and what the deadlines are.</p>
<p>Most merit scholarships offered by colleges do not have a “need” factor. You would have a much better chance of receiving those and that’s where you should focus your attention. Need-based aid is for people who have financial need, which doesn’t fit the description you’ve provided of your family. Wanting financial aid is not the same as needing it and the government and colleges are the ones who determine how much families “should” pay. Good luck!</p>
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<p>Financial need is people with low incomes, for example $30,000 a year. Some private colleges phase out the aid at $60,000. When you provide your financial details, there are formulas that will calculate the EFC or Expected family contribution. If the EFC is greater than the cost of that college for the next year, then most (if not all) colleges will not give you need based aid. As Thumper1 and sk8rmom and others have said, want and need are different. Government aid comes from taxpayers and taxpayers are already stretched. Similarly many privates have less money then before and hence have cut aid.</p>
<p>Thanks for your help guys!</p>
<p>The good news is that you can probably afford to be on-campus at most in-state universities no matter where you live. The bad news is that it’s unlikely that your EFC will be low enough for you to qualify for any aid from the federal government except for an extremely small Stafford loan (a drop in the bucket compared to what you have and to the cost of attendance at almost any college). You can fill out the FAFSA just to have the option of taking that should you or your parents need that safety option for college expenses, but any of the other means-tested programs (Pell, SEOG, Work Study, Perkins) would be out of reach. State aid programs can sometimes have higher cut offs, but I’m not sure you would be able to get that at any state; the recession is making them cut back quite a bit and providing aid to someone with a six-figure income and (comparatively) massive financial assets might not be affordable to some of the more cash-strapped states.</p>
<p>As has been mentioned above, merit aid (based on your SAT scores, GPA, and other “soft” factors like extracurriculars, essays, and recommendations, varying depending on the school) is your best bet for any money at all, really. You have to search different school websites or this forum in order to find the ones that match up to your qualifications.</p>
<p>Are you are applying to any schools which are need-aware for admissions? Given your family’s income and your savings, you would be better off saying you don’t need financial aid when you apply to those schools. That will give you a (slight) boost for admissions. </p>
<p>One other thing is that filing the Profile is not free. It’s $9 up front, and then an additional $16 per school or scholarship program. Since it’s unlikely you’ll receive any need-based aid, you’ll “make” more money by not submitting the forms :)</p>
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<p>With a $300K income and $150K in college savings, one would think he family could afford the Profile.</p>
<p>BUT agreed…it’s not free. And it’s unlikely that filing it will yield need based aid.</p>
<p>Our kids’ schools, however, required the Profile and FAFSA for ALL aid including merit aid…for incoming freshmen. You need to check this if you are applying for merit aid. On this YMMV depending on the policy of each school.</p>
<p>You are incorrect that most people get ado. At the very top colleges a majority do get some based on need, but as you go down the college food chain aid not from the govt becomes much more rare.</p>
<p>Do you homework before you decide to apply for aid, it will hurt your chances at many schools which makes no sense if yup won’t qualify anyway. Many private colleges know they are less likely to yield a candidate who does not qualify but has applied.</p>