<p>Hey all, are any of ya'll not going to file FAFSA, CSS, etc? I'm asking this because my mom and I decided that, since we will not qualify for any grants or federal money, and loans can be taken care of through the bank, we will not file the FAFSA/CSS/etc. stuff. We're just going to rely on outside scholarships, and make the rest up ourselves through college savings accounts that my parents were saving. Is this OK? Thanks in advance.</p>
<p>You're not required to file, so I guess that would mean it's ok not to. Are you completely sure you can cover it without aid though?</p>
<p>Depends on how much your parents are making...even if its 6 digits or above, file anyway...you have nothing to lose. And you can have lo-interest loans through filing the FAFSA and PROFILE.</p>
<p>It's just the time and amount of crap we'd have to dig up, and again, for loans we'd just go to our bank. And if we can't cover it w/o aid (meaning all 4 years), we'll just file for sophomore year, since you have to anyway. With scholarships and savings, we're for sure safe for 1 year.</p>
<p>Some universities require the FAFSA for consideration even for merit-based scholarships.</p>
<p>randomdad is right. If you are going to rely on merit scholarships make sure you read the fine print really well, most of them DO require that you fill out the FAFSA. I know you're probably going to ask why, since it doesn't make sense that they should ask for your finances if you're applying for merit -- I don't really know why they do -- but they do, two of my merit scholarships have required it. Maybe someone else on here can tell us the "why". Good luck!</p>
<p>If you are eligible for loans, some of the students loans may be subsidized ( the government pays the interest while you are in school) Student loans are also at 2.7 % which may be less than if your parents took out an home equiity loan (but the other side is they would write the interest of the equity loan off)</p>
<p>If you are eligible for merit mney, some schools will require the fafsa. I would never totally count my self out of the FA picture (unless you are just plain independently wealthy) as some schools may offer aid to families making 6 figures (especially the ivies/ elite LACs)</p>
<p>You have to be fairly low income to qualify for subsidized loans (lower than someone who doesn't qualify for other FA.) We filed twice for D, were only offered unsub loans, and thus decided not to for S (school does not offer merit aid). So, there are times when you might as well not go through the process, if you know it's not going to help.</p>
<p>We're not filing FAFSA. DD got full ride based on merit scholarships which did not require FAFSA for merit aid. These would almost be impossible to lose in freshman year, as eligibility to keep them is based on cumulative gpa per year. So, we're saving ourselves the hassle. Also, Admissions office told us it would not make any difference on her package.</p>
<p>Is there no income point at which it stops making sense to file? Do you think merit aid won't be offered to those above a certain income?</p>
<p>It's really a fuzzy business. You are not likely to get an answer to your question from financial aid, Kirmum, because so much goes into the equation. The second question, you can ask, but generally merit awards that also consider income, basically give a score for need in the equation. A zero does not knock you out necessarily if you arer outstanding in other respects. The reason some merit aid needs FAFSA, however, is not because of the income or EFC, though sometimes they do want to make sure if the student is eligible for some income based aid, he gets it, leaving more merit money available. FAFSA also acts as a clearinghouse for certain information such as being registered for the selective service, truly being an undergrad, your family loan history regarding student aid, citizenship status, and other things. Some colleges want that clearance. Also if you feel that it may be likely that you will need aid in future years, you might want to check if it is allowed to file with no predjudice if you applied initially without filing for financial aid. For some need aware schools , it can be an issue that they accepted you as a full pay, and now you want aid. Some reasons for possibly needing aid is if your parents should lose their jobs, could you still go to this school? In other words, are there other assets supporting the tuition, or would it be a big problem? Will you be applying for aid with another sibling entering the college scene while the first one is still going to college? All of these things come into play. The final reason to ask is if there are any internships or programs that require a financial aid app or FAFSA that might be beneficial to the student? Some of these programs are workstudy, some are not but require a FAFSA becauses of state or other government funds involved. Some of those programs are quite nice as well. Those who live in a state with auto scholarships if you stay in state know that FAFSA has to be filed even if income is not taken into account for those tuition grants.</p>
<p>jamimom: it sure is fuzzy business but you've done a good job clearing it up form me. Thanks for the info!</p>
<p>If you are sure you can cover cost even if you have some catastrophic expenses (unexpected medical, or parent losing job) than don't file. However, if you should need consideration for aid do to an unforseen circumstance, having a FAFSA on file makes this reconsideration faster for the universities....in the event that you should NEED aid at some point during the upcoming year.</p>
<p>It is highly unlikely that I will ever qualify. However, I have thoughts of someday taking a job at a non profit. My ex husband would still make too much for aid although I have to consider the possibility he could implode (he's kind of crazy these days). I never filled out fafsa for my oldest who attends a State school. There's also the fact that about to marry someone who makes a very good living as well. I always thought that if I filed they would think I'm a selfish nut case who actually thought I deserved aid!</p>