We are unlikely to get any need-based aid and do not want loans. But we are hoping to get merit-based aid. Do we need to do the FAFSA? I’ve heard “yes” (everyone should do the FASFA) and “no” (no point in doing it if you don’t want loans). My concern is would colleges still evaluate us for merit based aid even if we don’t do the FAFSA? Keep hearing different things.
It depends on the college. Check the websites for merit aid opportunities, and it should state if FAFSA is required.
Many colleges want a FAFSA form to process their merit aid. It doesn’t make sense but that’s what they do. Email each college and ask if a student applying to merit aid, not financial aid, needs to fill out FAFSA. Each college will have a different answer.
Depends on the college. I’ve had two attend private universities on merit and was not required to fill out a FAFSA. @MYOS1634 is spot on.
Good luck.
Neither the school my daughter attended nor any of the other schools that offered her merit required filling out the FAFSA in order to receive a merit scholarship. I’ve heard there are some that do, but I think the vast majority do not. As others have said, you’ll have to check with the school. Of course, some “merit” scholarships have a need component so I would guess FAFSA would be required for those. We knew we wouldn’t get any need-based aid and that my daughter would not take out loans, so we chose not to waste our time or disclose our financial information unnecessarily by completing FAFSA.
Didn’t fill out FAFSA for first kid as none of her choices required it for merit. Did fill it out this year for second kid as with 2 in college, we may be eligible for some aid for him (COA for first kid is well under our EFC). It really wasn’t as bad as I’d expected, maybe 1/2 hour to complete.
Our D’s college requires the FAFSA every year, even for merit scholarships as all aid is processed through the same office.
Ask the school if they require FAFSA for the merit aid. They’ll let you know.
Some colleges say that if you don’t apply for need based aid as a frosh, they don’t allow you to apply for it later. Personally, my finances fluctuate a fair amount because I have a small business. Some years my kid has gotten aid, some years not. Unless your finances are rock solid (the money is in the bank and won’t be needed even if a parent loses a job or gets sick or something), I’d fill it out for schools with that policy.