<p>I make over 225K and my daughter wants me to fill out FASFA. I have spoken to finaid departments at two schools she has been accepted(both out of state). She received max scholarships(merit). The finaid folks told me that she would not qualify for any more finaid(need based) as my income was too high. She still wants me to fill out FASFA but i see no need to do so as "from the horses mouths" it was doubtful anymore $$ would be given. Any thoughts..</p>
<p>drpmr1, this question comes up a lot. My son is a current college sophomore. Prior to his freshmen year I filled out the FAFSA even though our income is in range with yours. The reason I did it was because I was told that for many schools if we didn't fil out the FAFSA the first year we might not be eligible in subsequent years.<br>
What if your income changes drastically while your daughter is in school? What if that happens and she also transfers to a school which requires that you filled out the FAFSA that first year.<br>
My son also received max merit scholarships. The second year we did not fill out the FAFSA because our situation hadn't changed and we knew the EFC would come back 99999. But who knows what things could look like in the next two years. Didn't hurt to fill it out that one time, took very little time, didn't cost anything.<br>
YMMV (your mileage may vary).</p>
<p>Many here are in similar situations and the answers seem mixed. Some say some schools still want it if just for merit consideration. You need to check with individual schools in that regard. Some will say fill it out now inn that it will give you a leg up if your situation changes and you qualify in the future. So far i have done the PROFILE but remain undecided about the FAFSA. If it looks easy enough ( the PROFILE will generate some of the answers), I'll do it soon, but because I do "small business" it will probably be complicated.</p>
<p>Thank you ebeeeee and Shrinkrap!</p>
<p>Any other thoughts?</p>
<p>We are in the same boat and completed FAFSA and PROFILE, just in case our financial situation changed. It is true that it does not take much time to complete the forms, but the thing is, or D applied to 8 schools, all with different requirements and deadlines. It has become a much bigger project than I initialy thought. If I had to do it again, not sure if I would have started the process.</p>
<p>We are in similar financial situation. I did the math and knew we wouldn't get any aid, but after my D had made her decision, I was told (as others have said) - file it in case something happens down the road. So I called the fin. aid office and filed it later - i.e, April. If you can wait til your D makes her decision then at least you only need to do one.</p>
<p>Are you guys saying you have to do separate FAFSA's for each school? Yikes!</p>
<p>No, the FAFSA is only done once, and then submitted to multiple schools on-line. Not all that hard once you pull your records together; easier than the CSS Profile! In addition to changes in your finances, there may be other things which make the FAFSA advisable. Many schools won't consider a student for even work-study without a FAFSA on file. Here in Georgia, you have to file a FAFSA to qualify for the HOPE scholarship, so it's a no-brainer for us.</p>
<p>actually in georgia you don't have to fill FAFSA for HOPE scholarship. You can fill out eHOPE(or something similar). I am just going to fill out FAFSA and be done with it. At least D will know its done. I think FAFSA is sooooo invasive. And do you want your kids to have knowledge of every thing about your financial life. Its really not their business</p>
<p>A lot schools look only at Fafsa and not the CSS profile. You have more options to reduce your income with Fafsa including maxing contributions to retirement funds. If you have more than 1 kid in school at the same time helps. Also having large mortgage payments can be beneficial in getting aid.</p>
<p>
[quote]
A lot schools look only at Fafsa and not the CSS profile. You have more options to reduce your income with Fafsa including maxing contributions to retirement funds. If you have more than 1 kid in school at the same time helps. Also having large mortgage payments can be beneficial in getting aid.
[/quote]
Not sure if you are joking but just in case someone new to the financial aid process is reading this and does not know:</p>
<p>Having large mortgage payments is of no help whatsoever in getting aid through FAFSA. FAFSA neither asks not cares what your mortgage is. </p>
<p>Maxing contributions to retirement funds does not help either. Though they are deducted on your taxes you have to report them in FAFSA and they are added back to income. The balance of assets is protected but not the reduction of income via the annual contribution.</p>
<p>Yes More than 1 kid in school does help.</p>
<p>Swimcat - maybe Doc is putting all his/her income into mortgage payments so he/she has no other assets....LOL.</p>
<p>drpmr1: still you should apply, there are special circumstances in which you may need some help, and if valid, you'll get it. Every little bit helps.
good luck</p>
<p>along the same lines as the original question but I have a question on deadlines. The only reason we would file FAFSA is to qualify for the unsubsidized Stafford Loan. We filed last year for my older D who is a freshman and were told our EFC was 99999. This year income is even higher, and we have D #2 who is a senior in high school. My questions are: do we have to meet the FAFSA deadlines at each school D #2 applied to in order to be eligible for an unsubsidized Stafford Loan? None of the schools D #2 is applying to require FAFSA or Profile for merit aid. If we file late, will we still qaualify for the loans? Also, do I have to file again to D #1's school for her to be eligible for a second year of Stafford Loan? Or does filing in year 1 satisfy the requirement for all 4 years? Thanks!</p>
<p>you have to do the fafsa each year for each student.</p>
<p>You do have to file FAFSA every year to be eligible for unsub Stafford. I am not sure the deadline matters if it is just for the unsub Stafford as it is not a 'limited funds' item. I would not swear my life away on it though.</p>
<p>I hate to burst your bubble, but I'm not talking about just the Fafsa. Besides the fact a number of schools interpret the data presented in either the Fafsa or the Css profile. For example, the school that my D goes to doesn't include home equity and doesn't include retirement funds.</p>
<p>thanks sue and swimcat, does anyone know for sure if school deadlines for FAFSA count when looking just for unsubsidized Stafford loans?</p>
<p>I do know for sure. Individual school deadlines do not matter for FAFSA-generated funds, like unsub Stafford or Pell. If you file, you will automatically be eligible for an unsub.</p>
<p>Thanks Garland. That's a relief.</p>