<p>Firstly, does the FAFSA only apply to students whose families only make less than a certain of money each year? My dad makes $200,000/year and so I am thinking that filling out the FAFSA will be useless for me. What exactly can one get out of the FAFSA? I don't want loans and grants, or anything I have to pay back. That, for me, kind of defeats the purpose of financial aid. I personally am looking for scholarships. Can I get this by filling out the FAFSA? Are the chances high...for me? BTW, I will be going to Rutgers University this fall and already have a $14,000 scholarship. What are the chances that I can get additional scholarships by filling out the FAFSA? Also, when is the FAFSA supposed to be filled out by? Thanks for all your help!</p>
<p>Some schools require a FAFSA filing for any money awards. You need to discuss this with your family.</p>
<p>There are lots of sites that will estimate the "expected family contribution" based on filling in a few fields. At $200K the EFC is almost certainly going to be higher than tuition, i.e. no aid.</p>
<p>HartinGA is NOT correct. </p>
<p>Merit Aid is given to whom the school desires. FAFSA is required for student loans, PLUS loans, and supplemental bank loans. Your parents may discover that taking a PLUS loan is probably cheaper alternative than refinancing a house, equity loan, selling some security, or even to forego a retirement program. A PLUS loan at 8.5% is far cheaper than foregoing a 401k program that gives parents a 32% tax benefit. </p>
<p>If your parents and you are not tuned in on finances-then you should acquaint yourself ASAP. If you learn anything in your college experience, it should be how to manage your personal finances, something BTW, they will NOT teach you. You must learn it from somewhere or someone else. There are many inexpensive books on college finances that are sponsers of this forum and good treatise from a member, scott-.</p>
<p>The FAFSA may be required by some schools for their Merit awards as well. Check with Rutgers, they will let you know.</p>
<p>FAFSA is also required for Stafford or PLUS loans which you mentioned that you are not interested in.</p>
<p>The FAFSA won't help you looking for scholarships outside the college.</p>
<p>For someone making over 200K per year, your parents have no more deductibility for education loan interest which puts home equity back to the forefront of cost-effectiveness if they want to borrow any money.</p>