Using the rough estimate calculators, I found that my EFC was higher than most private colleges’ annual costs. Still, I heard that I should probably fill out the FAFSA and CSS forms anyway, since sometimes schools calculate their EFCs very differently. I just filled out the FAFSA, and it says that our EFC is about $165k. Is there any benefit at all to applying for financial aid given that EFC? For example, if by applying for financial aid my daughter would qualify for merit aid, then it could make sense even if they wouldn’t give us need based aid. On the other hand, I’ve heard that at some need-aware schools, not applying for financial aid can help boost your chances of admission. If she’s not going to get financial aid anyway, she may as well get the benefit of the admissions boost.
It kind of sucks, since our income was atypically high the last couple years (and will continue to be for another year or so), but it’s not like we’re so wealthy that $70k/year isn’t painful.
I’d say no point at $165K EFC, unless the school website says one of them is needed to be considered for merit aid. You can also look at schools that give merit to being the cost down. There are plenty of good options out there if you can look past the tippy top ranked schools (and you should).
Be careful; it varies by individual college, but there are a few colleges (particularly a few of the need-aware colleges) that have a policy that if you didn’t apply for financial aid as an applicant/incoming freshman, then if your circumstances change in a later year while you are already attending (i.e., if a parent dies or loses a job, or other incident where ability to pay the college costs decreases significantly), you are NOT eligible for aid later. So that, for those colleges, even if you’re a multi-millionaire, it might be smart to put the application in as an applicant/incoming freshman, just in case things unexpectedly change after your kid is enrolled. I think it would be wise to check with the individual financial aid offices everywhere that is being applied to, and ask specifically about this particular issue, before making a final decision whether you should apply for financial aid or not.
Your EFC is $165,000? Really? If that is the case, your family annual income is over $600,000 a year…and/or you have very significant assets.
Do you require financial aid to attend college? Does your family have money saved for your college costs?
Or did you make a mistake on the FAFSA?
@splokey there are a handful of colleges only which put restrictions on U.S citizens or green card holders who don’t apply for aid freshman year. A handful. Yes, this student should check, but really, that’s not common except for international students where this is VERY common.
Ok…so either your income is about $350k+ or you have a lot of assets.
Check with your schools’ policies about needing aid later. Some don’t mind if you apply later if there’s a family change (death of parent, divorce, breadwinner job loss, etc)
Is your college fund safe/protected and fully funded?
Do and of your schools require you to apply for aid for merit consideration
@thumper1, as of two years ago at least, it was the case at two pretty highly ranked need-aware national LAC’s that my native born US citizen kid applied to. Not sure about now, and not sure about other colleges.
A year ago you were saying that your income was high enough that your EFC would be higher than the COA and you hoped it would help your daughter get into some schools. I don’t know if you can have it both ways – get admission based on your high EFC and get a discount – but the only way to find out is to apply for aid.
My understanding is that, generally, the need-aware colleges consider the AMOUNT of your need for financial aid and if they assess your EFC as qualifying for very little or no financial aid from them, it doesn’t hurt your admission chances (in comparison with applicants who didn’t apply for financial aid) that you applied for aid…
Look at the colleges your kid is applying to, if you don’t need to fill out financial aid for merit, then don’t fill the form out. With your high EFC, you are not going to get much financial aid, other than loans. Did you do the net calculator for each school your kid is applying to? That might help you decide also.