<p>We won't qualify for need based aid, so had no intention of filling out the FAFSA. However, we fully expected that son would be considered for merit based aid. </p>
<p>I was surprised to see that, on one college checklist/ form, even to be considered for merit aid, one must file the Financial Aid PROFILE with the College Scholarship Service. What is the difference between this and the FAFSA? Is submission of income tax forms and such required for merit aid?</p>
<p>I thought merit aid was strictly based on merit, not on any financial information. Do kids NOT get merit aid, without filling out these forms? I had no idea.</p>
<p>Some schools require the FA forms anyway for merit aid, some don't. Since merit money is coming from the schools' private funds, they get to set the rules. </p>
<p>FAFSA is required for federal funding. Since merit money is not federal, a school may decide not to require it. The PROFILE is a form that many private colleges use to determine financial need. It is filed separately from the FAFSA, and colleges have different ways of evaluating the EFC. It is much more detailed. And at least last year, it was created in such a way that you submitted it on-line but then had to make any changes in hard copy (makes no sense, I know).</p>
<p>You may or may not have to supply tax forms. Again, that depends on the school. </p>
<p>Schools may want to know about financial need to determine whether a student should get merit or need-based aid or both, or as a way to determine how to "split the pot". It may not make a lot of sense, but as noted, they get to make the rules.</p>
<p>Allmusic, as Chedva said, they get to make the rules. I know a family who did not fill out the financial aid forms b/c "they knew" that they would not qualify for aid. They thought that if the school did not know anything about their finances that their son would have a better chance at getting some merit aid. He did not get a dime and they are paying full freight. COA at that school is over 45,000/year and over 50% of students do receive financial aid. I think it was foolish not fill out the forms. They are not wealthy, but are definitely upper middle class. They might have gotten a small amount of help, or their son might have gotten a merit scholarship if forms were completed. Afterall, half of the enrolled students are receiving some kind of financial aid.</p>
<p>Allmusic, 7 of the 8 schools my son applied to held the potential for merit scholarships. Only one required submission of financial aid forms for consideration for a merit award; that was Carnegie Mellon, and it was required for only one of the several different merit awards, one that is reserved for students who are definitely ineligible for need-based aid. Son had numerous offers of merit awards without ever filing any financial aid papers, including a full tuition/fees scholarship to a very good school.</p>
<p>However, if the school you are interested in asks for Profile or FAFSA in order for your son to be considered for a merit award, then I don't see that you have any choice.</p>
<p>Along with the previous posts-
I would reiterate to go ahead and fill out PROFILE and FAFSA if school requires it
PITA I know
But circumstances change- some schools if you didn't apply freshman year- it can be harder to get it later & even merit scholarships seem to want the data points ( possibly for their donors?)</p>
<p>You also need it for Stafford loans- federal work study
Even if loans are not subsidized- I feel all students should be contributing to the costs of their education and as well as winning merit aid- taking out loans is another way</p>
<p>As all of the above have said, even though notionally "merit aid" is distinct from "need-based aid," at many colleges the paperwork starts with submitting financial aid forms. That's a small price to pay (I mean, filling out the forms) to be in the queue for whatever aid the college might provide. </p>
<p>Thanks for asking the question; I'm sure other families wonder about this too.</p>
<p>Do you think there's ever any harm in applying for financial aid when your family's income is such that your child will not qualify for need-based aid? There's one school our son will apply to that only gives out need-based aid, but has among its named sources of funding one restricted fund that is distributed to students with criteria so specific that they pretty much only apply to students coming from our son's high school. We're assuming we should submit the financial aid info. in the event our son is accepted at this school (a big if...) and is the only candidate meeting the criteria for this fund, with the assumption that the school would acknowledge some level of need and provide at least a limited amount of aid rather than have all the money in the fund sit completely untouched. We don't want to be greedy as we are fortunate enough to be able to pay full freight if he doesn't receive aid, but we are not so well-off that we won't feel the financial pinch pretty significantly. The school is need-blind, but do you think there's any way our thinking could backfire?</p>
<p>I don't know, Map, but this is why the family that I mentioned in post #3 did not apply, and that might have backfired too. They felt kiddo had a better chance of getting into the school he currently attends if they did not file for aid. They also thought that he would get merit aid if the school did not know their financial circumstances. Wrong. He was admitted, but frankly this is a mediocre school that is way over priced b/c of location and name recognition. B students get admitted with a 1200 (old sat score). It is not a surprise that he was admitted, but he did not get a dime in merit aid, or financial aid. He got into his first choice school, but they are paying full freight and they are far from rich.</p>
<p>Well, looks like we will have to bite the bullet and fill out the PROFILE, since my son's top choice requires it. I was hoping he'd get merit aid based on merit. Silly me!</p>
<p>Does anyone know what is required in the PROFILE, and if it is the same as the FAFSA, in terms of paperwork? I will begin to research this more, but it was a step I was hoping to avoid, truthfully.</p>
<p>The one reason that you may want to file the FA papers even if you don't qualify is to be prepared for changed circumstances during a particular year. You file in March for your child's freshman year. You hear in April, and you don't get any aid.</p>
<p>Now suppose it's October, and you or your spouse is downsized. You contact the FA office. If they already have the forms, they may be more likely to revisit and "adjust" the award, than if they had to start from the beginning with new forms they've never seen.</p>
<p>While the paperwork is a pain in the neck, it's just one more step in the never-ending application process.</p>
<p>I found the Profile more difficult to fill out than the FAFSA. They ask more questions about assets, expenses, etc. Schools can ask their own questions on it, too ... for example, I had to give info re: our cars --- age of cars, payment, etc. At the end of the basic info, there may be school-specific questions. It was a pain, but not as bad as a root canal!</p>
<p>Both are a PITA to fill out. But I also recommend that all finaid forms be completed. You have to hope that your family will continue to have the same financial situation for the whole school year, but sadly, many families find themselves having to ask for their finaid to be reconsidered (due to unforeseen circumstances). The last thing you will want to do is fill out those forms if you are in the midst of a family financial crisis. There is an excellent FAFSA worksheet you can use. Once you complete that, filling out any of the forms is a cakewalk (ok...so maybe that is an exaggeration).</p>