My senior daughter is applying to college. Small LACs.
When I did NPCs over the summer, the number came back in the low 70s. However, when I did the FAFSA for real, the number came back in the low 90s. The only thing I can figure out, is that I didn’t accurately report nontaxable income when doing the NPCs. Unfortunately, AGI was inflated on tax return as well due to having to take some inheritance as income for that year. I know I can specify on CSS any unusual circumstances and the colleges I’ve talked to indicate that I can (if accepted) provide this year’s tax return to show more recent income and then possibly get adjustment.
Given all that, I’ve decided not to apply for financial aid if a school’s total price is lower than mid70s and they give good merit aid. She’s a super strong student and I feel confident that she’ll get good merit aid at many of those schools.
Where my indecision comes in is this…a)two schools where the price tag is high 70s/low 80s and they give some merit aid but not a ton (legacy at one of them); b)two schools were the price tag is low 80s and they only do need based aid.
Thoughts?
(We are not applying ED anywhere. We will see what it all looks like in March/April and make a decision from there. DD knows the more $ we spend on undergraduate, the less there will be for graduate school. Also, have a son who is a sophomore in high school)
Check if the colleges disallow applying for financial aid in later years if financial aid is not applied for in the first year.
Check if financial aid is possible in later years if the conditions increasing the income are specific to the year used for this year’s financial aid calculation.
Check if any merit scholarships require a financial aid application (some colleges require FAFSA for full ride merit scholarships, so that the student collects any Pell grant that they are eligible for, or is verified not to be eligible for a Pell grant).
How did an inheritance result in an increase in your taxable income? Was this a distribution from an inherited IRA or something else?
If it were me- I’d apply. You’ll get nothing from the need-only schools if they determine you have no need; you’ll get something from the merit schools if they decide they want your D. I don’t think merely filling out the application for aid changes either of these two scenarios, and the potential downside (not filling out the forms means you won’t be considered for merit aid) is too great to risk…
FAFSA is the government expected financial contribution.
The NPC is school specific - a school like - for example Coe College in Cedar Rapids Iowa doesn’t meet need and their cost will be different. What they governments shows isn’t what they show.
There’s no reason not to apply for aid. It costs both financially and in time - but you are not going to get rejected anywhere because you applied for aid. Now, if your “need” is too much, then yes a need aware school can reject you. But this won’t be you.
And many schools are need blind and won’t even know your finances.
The reason not to apply for aid is - if you don’t want the government $5500 loan, you don’t want to spend money on the CSS, and you don’t want to spend the time on these forms.
Some schools do require FAFSA for merit - few but some - so check your schools.