<p>Heard from a college counselor a few years ago that you should file the financial-aid forms even if you know very well you won't be getting need-based aid, just in case you get laid off down the line, they can't give you any emergency aid if you don't have the form on file at the school. Fast-forward to now, and the word is the kids who don't need aid have the better shot at certain schools (e.g., the NYTimes story on Reed, which used need as a criteria when addressing its waiting list). So, if you know you're not going to get aid, is it still worth it to file, on the chance something goes awry later and you might need the money? Could you help your child get in by NOT filing when you know you're not going to get aid anyway?</p>
<p>Any answers out there. BUMP</p>
<p>I always suggest that folks complete the financial aid applications. The bottom line is that you may HOPE that your family won’t be hit with some kind of financial crisis, but sadly only the independently wealthy are immune from this these days. If your parents lose income or have very high medical costs, you will want the school to REVIEW your need for financial aid. They will be checking your “old” forms against what you report as a change. If you don’t have the “old forms”, you’ll have to complete them. Believe me…if you have a financial family issue, the last thing you will want to do is complete these forms from scratch. Do them now. </p>
<p>In addition, you need to check YOUR school’s policies. Some schools will NOT award institutional aid to students EVER if they do not apply as freshmen. In addition some schools require the financial aid forms even for merit aid consideration.</p>
<p>And lastly…by completing the FAFSA, the student will be eligible for the Stafford loan (unsubsidized if no need). We had our kids take these loans as their “financial skin in the game” for college. Of course, that is a family decision. We will help them with loan repayment as long as we are able to do so but we DID ask them to take these loans.</p>
<p>For schools that are need aware, they’re not just going to look at if you checked a box to apply for aid. They will look at how much aid you need. If it’s little to none, then you may well have an advantage. But don’t assume they’re so inundated with full-pay students that they’re not going to look beyond a check mark in a little box.</p>
<p>I would check with each individual school as to whether your student would be treated differently should he need aid later if he did not originally file. If the answer is no, I would not file.</p>
<p>This discussion has gone on often, and many believe it’s an advantage to be full pay during admission whether the school is “need blind” or not.</p>
<p>I’d say to also look at how close you are to getting any aid. In many families losing one job won’t get them aid. In others losing two still wouldn’t because of assets. So in the end, understand your full picture.</p>
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<p>thumper,
Can you give me some examples of schools that do this? I’ve heard this on CC since I started and the other day a member asked me about which schools have this policy and for the life of me I couldn’t find one. I didn’t search that long, but I tried several schools and couldn’t find any. The only one I know of for sure is Brown, but that’s for transfer applicants only.</p>
<p>Thanks, EM</p>